Neath Port Talbot County Borough Council Houses into Homes Loan Scheme Phil Lynch Housing Renewal Officer 13 th February 2013.

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Presentation transcript:

Neath Port Talbot County Borough Council Houses into Homes Loan Scheme Phil Lynch Housing Renewal Officer 13 th February 2013

What are Houses into Homes loans? Houses into Homes loans are available to renovate empty properties and make them fit to live in The loans pay for work on houses or commercial buildings (being renovated into housing) including the splitting of a property into multiple units of accomodation

Who can apply for a loan? Individuals or companies can apply for a loan The property must have been empty for 6 months or more

What is the maximum loan I can apply for? You can apply for a maximum of £25,000 for each house or flat, up to a total of £150,000 For example, if you are applying for a loan to convert one building into four units, the maximum loan you can apply for is £100,000 The amount of money you get will depend on the cost of the work

Are the loans secured? Yes. All approved loans must be secured by a first or second financial charge against the property. If there is an existing mortgage on the property, your bank or building society must give us permission to secure the charge

What is the interest rate for the loan? The loans are interest free. If you don’t pay the agreed instalments, or are in breach of the terms of the loan, the local authority can demand immediate repayment of the loan with interest

Are there any conditions attached to approving the loan? Carry out the conversion/repair work within an agreed time. The house or flat(s) must be put on the market or let within a reasonable period of time after completing the works (12 weeks). The loan must be repaid either on or before the date specified in your Loan Facility Agreement.

Does the work have to be carried out to a set standard? All work must meet any planning permission or building regulation approvals for the property. It must comply with the Houses into Homes Standard. Multiple units of accomodation must meet HMO standards

When will I have to repay the loan? If you renovate a single property to be sold, the loan must be repaid when the property is sold or up to two years from the date the loan was approved, If you are converting a property into a number of flats to be sold, repayment due on sale of the first flat or two years If the property will be let, the loan must be repaid within three years from the date the loan was approved.

Enquiries Houses into Homes loan scheme Housing Renewal & Adaptation Service Civic Centre Port Talbot SA13 1PJ