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%. 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, with a ceiling of 7%.

You do not need to make any repayments during your lifetime, although the loan and any interest must be repaid if your home is sold or you (the owner) cease to occupy it. If preferred, you can set up a payment plan to make regular monthly payments or occasional payments to suit, and you can pay the loan off at any time without penalty.

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

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

Scheme set up, costs and legal fees

Any loan is secured by a charge on the property

There is an annual charge of £15 to cover the cost of loan administration and statements

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 will be a fee for loan documentation and registration of the legal charge.  The fee will be added to the loan and is currently £80.00 for loans up to £50,000.

For further information please contact our Environmental Protection Team

Last reviewed: 21 - 10 - 2014

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