Houses to homes loan
The Houses to Homes initiative offers loans to assist in bringing much needed empty properties back into use as residential homes.
- Loans are available for properties empty for six months or more.
- Loans to convert empty commercial properties into residential accommodation are considered. We will only consider a loan application if the relevant planning permission has been granted
- The maximum loan amount you can apply for is £25,000 per property or unit, up to a maximum of £250,000 per applicant (ten units)
- Any loan offered, taking into account any existing mortgage, cannot exceed 80% of the current property value. Therefore, if you have an existing mortgage of £65,000 on a property with a current market value of £100,000, then the maximum loan that can be approved is £15,000.
It is possible in certain cases for another property to be used as security for the loan. The finance may be used for:
- a property you intend to sell - these loans would have a maximum two year repayment period
- a property you will rent - these loans would have a three to five year repayment period
Approved loans will be subject to a number of conditions to ensure that the fund can assist in turning other empty properties into homes.
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