The University provides an employee benefit called the Rental Deposit Loan Scheme.
This will allow new starters to the University and existing employees to borrow one month’s net salary (up to a maximum of £3,000) interest-free to put towards the costs of renting privately in Cambridge. This may be used towards the initial security deposit, the first month’s rent and/or administration fees. The employee can pay back the loan amount through monthly payroll deductions over 10 months.
The University has recognised that local housing pressures in Cambridge and its surrounding areas are a concern to potential new starters and existing employees looking to rent privately. The rising cost of security deposits required to secure rental accommodation can put unwanted strain on those looking to move to Cambridge.
The scheme has been designed so that it can be used to assist new starters in finding accommodation before their first day of work, and to support existing employees looking to move into rental accommodation.
The policy is designed to help with accommodation needs close to the centre of Cambridge and as a guide lodgings within a 20 miles radius from the centre of Cambridge would be included in the loan scheme.
If you wish to apply for a Rental Deposit Loan you will need to complete the Rental Deposit Scheme application form (HR55) and send the completed form to the HR Reward Team at hrrentalloan@admin.cam.ac.uk
More information is available here.
