“Excellent Scheme because it allows you to take advantage of the dormant equity attached to your home. Painless Process.”
Mr H of Maidenhead
“I would never have been able to have the home improvements done without the Flexible Loan – the way it was all explained to me, being put in touch with the right people to do the work. Thank you to everyone involved, I’m over the moon!”
Contact your local authority
One of our aims as your local authority is to help improve the warmth, comfort, safety and security of housing in our area.
We have created a loan that will help you remain in a well maintained home during your retirement and you can repay as little or as much of the loan as you like each month.
All this is backed up with the peace of mind that the loan is provided by your local authority on a not-for-profit basis.
Any homeowners who are aged 60 years or over. In the case of joint owners, each must be at least 60 years of age.
We will consider improvements that will make the home safer, warmer, healthier or more comfortable for the occupants. Examples of work that may be acceptable include:
The loans are described as flexible and they are exactly that. During the term of the loan you can choose to make regular monthly payments, occasional payments or no payments at all. Furthermore, you are free to vary the arrangement at any time.
The loan, plus any outstanding interest, must be repaid if the home is sold, or if the owners cease to occupy it. The loan can also be paid off at any time without penalty.
The loan will be secured by a charge on the property.
Interest will be charged at a low rate linked to Bank of England rate (please contact us for a quotation). Your account will also be debited with an annual charge of £15 to cover the cost of loan administration and statements.
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.
In certain circumstances the Council may need to obtain a valuation of your property to confirm the equity is sufficient to cover the loan. This is unlikely to be needed in the majority of cases.
If you decide to engage a solicitor to act for you, they will almost certainly charge for their service. Any fees incurred may, if you wish, be added to the loan.
When the loan is eventually repaid there is a flat fee of £50.00 for cancellation of our registered charge.
It couldn’t be simpler. Just contact your local authority, who will be happy to arrange an appointment to visit you in your home at a convenient time to discuss your requirements.