If you’re intending to rent a property that qualifies for accommodation costs, you can apply for a loan to cover the deposit. This will not be deducted from the accommodation costs budget. [4.28]
You can apply by Completing a Property Registration Form to submit an application to us, together with the signed or draft rental agreement (if using a draft, we’ll need the signed agreement within a month of the tenancy’s start, otherwise we may seek to recover the loan and any rent claimed). We’ll then pay the loan to you, for forwarding to the landlord. [4.30]
This loan cannot exceed the lower of:
the deposit which is stated in the rental agreement
one quarter of the relevant annual accommodation costs budget (for example, London Area or the constituency) [4.29]
An MP may only hold one deposit loan at a time. [4.31]
The MP is responsible for securing the deposit’s return and repaying the amount in full to us – no later than one month after the date the tenancy ends. Or, where the MP leaves Parliament, the end of the winding-up period (whichever is earlier). Any shortfall between the deposit paid and the amount returned shall be the sole responsibility of the MP. [4.32]
Loans for holding deposits
MPs can also apply for a loan to cover the holding deposit often charged before the start of a tenancy.
To do so, you should complete the Holding Deposit Loan Request Form. For help, visit Loans for holding deposits.
These loans must be repaid to us within 30 days of signing the tenancy agreement or refund of the holding deposit, whichever is sooner. [4.32]
Download the IPSA Repayment Form.