“A vital Government Scheme to facilitate the re-birth of dormant properties and increase much needed housing stock. The officer I dealt with was very professional, polite, courteous, experienced and extremely helpful. A breath of fresh air.”
Mr L of Windsor

 

“I have nothing but praise for the above scheme which has saved me an awful lot of worry in my old age. It has enabled me to maintain my property to a good standard. All the officers I have come into contact with have been courteous and efficient and have put me at my ease. I do appreciate this.”

Mrs A of Maidenhead

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Low cost loans to bring empty homes back into use as affordable housing

How does the scheme work?

Owners would only need to sign up for the scheme and a Housing Association working in partnership with the Council will do the rest.

The Housing Association will assess whether the property is suitable for the scheme and the rent achievable, and then undertake the necessary renovation works to bring it up to an appropriate standard.  The cost of the works is then funded by a secured low interest rate loan provided by the Council.

On completion the property would be let as affordable housing, the loan repaid monthly from the rental income and the owner will receive the net rent.  At the end of the private sector leasing agreement the property will be returned to the owner in good order.

Who is eligible?

The Affordable Housing Loans Scheme is available to assist owners of empty properties to bring them back into habitable use through funding, project management and private sector leasing

What interest rate is charged on the loan?

Interest on the loan will be charged at the Bank of England rate, subject to a minimum and maximum rates (please contact us for a quotation).

Are there any other charges in connection with the loan?

There will be a fee for registration of the legal charge and loan documentation.  The fee will be added to the loan and is currently £80.00 for loans up to £100,000.  Your account will also be debited with an annual charge of £15 to cover the cost of loan administration and statements.

The loan may be repaid, in whole or part, at any time without penalty.  When the loan is completely repaid there is a fixed fee of £50.00 for cancellation of our registered charge.

Does the Housing Association make any charges?

The Housing Association charge a fee for commissioning and supervising the works and an annual charge for the management, maintenance and insurance of the property.  An illustration of these costs will be provided at an early stage.

Why introduce a scheme like this?

The Council is actively working to reduce the number of empty homes and to support owners wishing to bring their properties back into use.

The scheme also benefits owners as no financial input is required from them, the renovations are carried out to a high standard, and whilst the property is let, they receive the net rent and are no longer responsible for Council tax.  Then, at the end of the agreement, the loan will have been repaid and the property returned in good order or, if the owner wishes, it continues to be let.

 


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