Empty Homes Loan Assistance - South Gloucestershire Council
Empty Homes Loan Assistance - South Gloucestershire Council
Empty Homes Loan Assistance - South Gloucestershire Council
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<strong>Empty</strong> <strong>Homes</strong> <strong>Loan</strong> <strong>Assistance</strong>Who are Wessex Home Improvement <strong>Loan</strong>s?<strong>South</strong> <strong>Gloucestershire</strong> <strong>Council</strong> (SGC) has joined in partnership with Wessex Home Improvement <strong>Loan</strong>s(WHIL), a local Community Development Finance Institution working alongside 10 other local authoritiesacross the <strong>South</strong> West of England. WHIL offers affordable financial assistance, including a low-interest“<strong>Empty</strong> <strong>Homes</strong> <strong>Loan</strong> <strong>Assistance</strong>” scheme which assists empty property owners to return long termempty properties to use.What is the “<strong>Empty</strong> <strong>Homes</strong> <strong>Loan</strong> <strong>Assistance</strong>” Scheme and what does it offer?• Capital Repayment <strong>Loan</strong>, fixed at an interest rate of 3% (APR- 3.04%)• Maximum <strong>Loan</strong> available £15,000 (subject to SGC policy), maximum loan term 15 years• Subsidised by <strong>South</strong> <strong>Gloucestershire</strong> <strong>Council</strong>• Specifically for renovation or conversion of properties that have been empty for over 6 months• Only additional fees - £40 Land Registry Fee• £2 for Experian searches• All loans are secured against the property using an Equitable Mortgage<strong>Loan</strong> EligibilityAll referrals to WHIL must come from SGC. If you own an empty property and are considering rentingto tenants and need to make essential repairs or renewals, you may qualify for financial assistancefrom SGC in partnership with WHIL.The Process – How do I apply?Contact SGC; the <strong>Empty</strong> <strong>Homes</strong> Officer will arrange to visit your property and inspect the works toensure that they meet the criteria for a <strong>Loan</strong>. They will complete a schedule of works and inform WHILthat you would like to be considered for a loan. You will then need to obtain the quotes of work andprovide these to the <strong>Council</strong> Officer.WHIL will contact you – we require the following information to process a loan:-• Complete WHIL Application form• Copy of Full Experian Credit Search• Copies of your last month’s bank statements.• Photocopy of proof of ID, for example a copy of a passport or driving license with photo.You can choose if you would prefer a <strong>Loan</strong>s Adviser to visit you and obtain this information, or we canpost you the information for you to return to WHIL.In some cases WHIL may require more information to process a loan.Once you have sent the full costs of the works and quotes to SGC they will advise WHIL who in turncontact you by phone to agree the loan amount and term of the loan, and then advise if the loan hasbeen agreed in principle. A copy of the loan agreements and security paperwork will be sent to you toread through. A WHIL <strong>Loan</strong>s Adviser will meet with you and sign all the formal loan paperwork. Youcan then instruct the contractors to start the works. Upon completion of the works, the <strong>Empty</strong> <strong>Homes</strong>Officer will inspect the completed works and instruct WHIL to release the loan funds. It is then yourresponsibility to pay the contractor.
What are the conditions of <strong>Empty</strong> <strong>Homes</strong> <strong>Loan</strong> <strong>Assistance</strong>?• Tenancy to be advertised without discrimination and offered at a rent no higher than the LocalHousing Allowance level for a minimum of 3 years• Property must meet <strong>South</strong> <strong>Gloucestershire</strong> <strong>Council</strong> accreditation standardsFor more information on these conditions contact the <strong>Empty</strong> <strong>Homes</strong> Officer (see below)Capital Repayment <strong>Loan</strong>• Fixed at an interest rate of 3%.• Maximum <strong>Loan</strong> available £15,000 over a maximum <strong>Loan</strong> term of 15 years.Example Repayments:-Capital Repayment <strong>Loan</strong> of £1,000YearsMonthsMonthlyRepaymentTotalInterestChargedTotalRepayable1 12 £ 84.69 £ 16.32 £ 1,016.325 60 £ 17.97 £ 78.12 £ 1,078.1210 120 £ 9.66 £ 158.73 £ 1,158.7315 180 £ 6.91 £ 243.05 £ 1,243.05Capital Repayment <strong>Loan</strong> of £5,000No ofYearsNo OfMonthsMonthlyRepaymentTotalInterestChargedTotalRepayable1 12 £423.47 £81.62 £5,081.625 60 £89.84 £390.61 £5,390.6110 120 £48.28 £793.64 £5,793.6415 180 £34.53 £1,215.23 £6,215.23Capital Repayment <strong>Loan</strong> of £15,000YearsMonthsMonthlyRepaymentTotalInterestChargedTotalRepayable1 12 £1,270.41 £244.87 £15,244.875 60 £269.53 £1,171.82 £16,171.8210 120 £144.84 £2,380.93 £17,380.9315 180 £103.59 £3,645.70 £18,645.70Any Questions? Contact the <strong>Empty</strong> <strong>Homes</strong> Officers - Sarah McNamara or Amanda ThomasWrite to us at:-Email us at:<strong>Empty</strong> <strong>Homes</strong> ServicePrivate Sector Housing TeamCivic CentreKingswoodBristol BS15 9TRempty homes@southglos.gov.ukPhone us on: 01454 865565
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