Local Housing Allowance
New Central Credit Union is offering an exciting new product for private landlords and their tenants.
Often there are issues with private tenants claiming Local Housing Allowance getting the money to their landlord and so we have designed our Local Housing Allowance scheme to combat this.
Instead of the tenant receiving the Local Housing Allowance directly, New Central Credit Union receives the money on their behalf. Under the scheme, the tenant gives us authority to transfer this money directly to the landlord. This ensures that any money received by the credit union is transferred to the landlord’s bank account preventing it from being paid late (or even not at all).
The Local Housing Allowance scheme is run at a cost to the landlord of £5.00 per tenant per transaction for transferring money to landlord’s Bank Account. Alternatively, the money can be transferred into the landlord’s credit union account at a cost of £2.50 per tenant per transaction.
Note: Landlords and tenants must become members of the credit union to access this service.
For more information, including how to register as a landlord and information to give to your tenants, please contact the main office.