“Excellent Customer Service received from the Flexible Home Improvement Team. We wish to make a special mention of the Loans Officer dealing with us, whose advice and service is outstanding and made the process so much easier – nothing is too much trouble to her.”
Mr & Mrs B of White Waltham
“The Officer was absolutely excellent with regard to Customer Service. He supported our application superbly both knowledge and efficiency. I would (and have) recommend to others.”
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Low cost loans to bring empty homes back into use as affordable housing
This loan product is currently not available. Please contact your Local Authority for an alternative loan for Empty properties
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.