Houseproud loans are provided through the Home Improvement Trust, a not-for-profit organisation. The minimum loan is £5,000.
Who can apply?
Homeowners who are over 55 and needing to improve, adapt or repair their home.
What is the loan for?
- Adaptations to make life easier in your home (new bathroom or level access shower)
- Central heating, improving energy efficiency
- Rewiring, replacement doors and windows, roofing and guttering
- Kitchen refurbishment
How is the loan repaid?
Repayment terms can be:
- interest-only mortgage where monthly payments are made ensuring the debt borrowed remains the same;
- fixed repayment mortgage where payments are made and the debt reduces over the term of the loan; or
- roll-up mortgage where no monthly payments are made and the accruing interest is added to the loan.
What help is given?
A contribution towards the costs (£500) is paid by the council. There will be ongoing client support from the loans officer and the technical officer if schedule of works and supervision work is required, the charge for which is met by the client and can be added to the loan borrowed.
What safeguards are there?
There is a guarantee of no-negative equity and no repossession. An independent financial adviser will provide a detailed written recommendation to help you make the right choice. Applicants are always encouraged to discuss the situation fully with their families so that any concerns, such as on future inheritance can be addressed. The loan is secured as a legal charge against your property.
For more information please visit the houseproud website or alternatively contact the Home Loans Officer on 01724 297000.