Low Interest Loans Scheme
Wessex Home Improvement Loans
If you are a homeowner with limited income, and your property needs repairs or improvement to make it decent, but you are unable to afford to borrow money at commercial rates of interest we may be able to help. Somerset west Private Sector Housing Partnership, along with other councils in the South West of England, is able to offer subsidised loans through Wessex Home Improvement Loans. Loans are available from £1,000 - £15,000, repayable up to 15 years. Depending on your circumstances, several types of loan are available, including:
Capital and Interest Repayment
Similar to a personal loan from your bank but at only 4% fixed interest rate with no arrangement fees to pay. Subject to a successful application, an agreed amount will be loaned to you at this rate of interest over a fixed period of time. Monthly repayments are made during the term of the loan until it is fully repaid.
Interest Only
This loan requires you to repay the interest only on a monthly basis. The capital will be repaid from the sale proceeds of your house if you should sell the property for any reason or in the event of your death. This product is only available to older homeowners.
If you would like to know more about how we may be able to help you, we will be happy to discuss the loans in more detail and provide assistance in completing an application form. Please contact 01278 435747.