Flexible Home Improvement Loan

If you are a homeowner aged 60 or over and would like to improve your home we could help you.

We are currently offering loans at a low interest rate of 3.5 per cent. The rate of interest is linked to the Bank of England's base rate so this rate will fluctuate but will always be lower than loans commercially available.

You do not need to make any repayments during your lifetime, but you can also set up a payment plan to suit you if you prefer. You can vary the arrangement at any time and pay the loan at any time without penalty.

The loan, and any interest, must be repaid if your home is sold or you no longer live there.

There is no catch. We are being funded by the Government to help people stay in their own homes.

More information is detailed below. If you would like to discuss the scheme contact our Environmental protection team.

What can the loans be used for?

• Essential repairs and maintenance
• Central heating or improvements to heating
• Replacement doors and windows
• Improvements to insulation
• Roof and structural repairs
• Replacement bathroom suites
• Installation of level-access showers
• Plumbing and drainage repairs
• Rewiring
• Replacement kitchens
• Burglar alarm and home security
• Replacement guttering, soffits and cladding
• Work to eradicate dampness, wet rot, dry rot and woodworm
• Installation of stairlifts or other adaptations

Who is eligible?

• Any homeowner aged 60 or over. In the case of joint ownership, both of you must be at least 60 years old.
• Registered charities may also apply for a loan if they own property that needs improving.
• People who own empty houses which need restoration to make them habitable may also be eligible. The council wants to encourage any owner of a house which has been empty for more than six months to get them fit for proper use, as part of our role to address empty homes.
• In all cases speak to our Environmental protection team to check your eligibility.

How does the scheme work?

The scheme is very flexible and you do not need to make any payments during your lifetime. If you prefer you can choose to make monthly, occasional or no payments at all and you can vary any arrangements you choose at any time. The loan and outstanding interest must be paid if your home is sold or you no longer live there. You can pay it off at any time without penalty.

The loan is secured by a charge on the property.

You will have to pay an annual charge of £15 to cover the cost of loan administration and statements.

Are there any set up costs or legal fees?

In some cases the council may need a valuation of your home to confirm the equity is sufficient to cover the loan, but this is unlikely to be necessary in most cases.

There is a fee of £80 to £120, depending on the size of the loan, which includes Land Registry costs, admin and legal fees.