We’re delighted to announce a new partnership with the North East Mayoral Strategic Authority, helping homeowners and private landlords across the North East access affordable finance for energy improvements to their properties.
Together, we’re bringing the North East Warm Homes Loan to homeowners and landlords across the region, combining local funding with our experience in responsible lending to help eligible homeowners and landlords make their properties warmer and more energy efficient.
Through the new £1 million North East Warm Homes Loan scheme, eligible homeowners and landlords will be able to borrow towards improvements such as insulation, solar panels, heat pumps and energy efficient windows and doors.
It is part of the wider North East Warm Homes programme and brings together the North East Mayoral Strategic Authority’s investment with Lendology’s experience of delivering responsible lending in partnership with local authorities.
For us, this partnership is about giving people another option when they want to make their home warmer and more energy efficient, but cannot meet the full upfront cost of the work.
How the North East Warm Homes Loan works
The North East Warm Homes Loan offers loans from £2,000 to £25,000, with a 2% fixed interest rate (representative 2.2% APR) and repayment terms of up to 10 years. There are no early repayment charges.
The scheme will be available across the North East, with a particular focus on households experiencing or at risk of fuel poverty and homes in the private rented sector.
It has been designed to complement existing grant funding. This means it could provide another option for people who are not eligible for a grant, or where a grant does not cover the full cost of the improvements they are considering.
Borrowing will not be right for everyone. Through the North East Warm Homes One Stop Shop, people can also find information about energy efficiency and available grant support, helping them understand their options before deciding whether they want to apply for a loan.
Supporting people throughout the process
Applications for the North East Warm Homes Loan will officially open on 22 October, with homeowners and landlords able to register their interest from 8 October.
Anyone thinking about applying can use the time before applications open to obtain a quote for the work they are considering.
Once applications open, our team will be here to support customers through the lending process. We know that applying for finance can sometimes feel complicated, so our approach is based on conversation, clear information and understanding each customer’s individual circumstances.
It is the same people-focused approach we bring to our partnerships with local authorities across the country. Our aim is to make responsible finance easier to understand and help customers feel informed and supported at every stage. This reflects Lendology’s established approach of shaping lending around people and supporting customers through clear, respectful conversations.
A new partnership for the North East
North East Mayor Kim McGuinness said:
“Everyone deserves a warm, comfortable home that they can afford to heat. But we know the upfront cost of improvements such as insulation, solar panels and low carbon heating can put them beyond the reach of too many people.
“These new affordable loans will help remove that barrier, giving homeowners and landlords practical support to improve properties, reduce energy use and bring bills down.
“This is another important step towards making the North East the home of the green energy revolution, while making sure local people feel the benefits in their homes and their pockets.”
Emma Lower, CEO of Lendology CIC, said:
“We’re delighted to be working with the North East Mayoral Strategic Authority to support the wider North East Warm Homes programme. Having worked with councils for over 20 years delivering responsible lending, we know how important it is that people have access to affordable options.”
Through our existing partnerships, we’ve seen how access to responsible finance can help people make meaningful improvements to their homes, making them warmer, more comfortable and more energy efficient.
Our new partnership with the North East Mayoral Strategic Authority means we can bring that experience to the North East, giving more homeowners and landlords another option to consider when planning improvements to their properties.
Interested in the North East Warm Homes Loan?
You can register your interest from 8 October, with applications opening on 22 October.
Find out more about the North East Warm Homes Loan and whether you may be eligible at https://www.lendology.org.uk/partner/northeastwarmhomesloan/.
Before applying, you can also explore energy efficiency advice and available grant support through the North East Warm Homes One Stop Shop.
Representative Example (2% fixed interest rate, Representative 2.2% APR).
Borrow £5,000 over 60 months, £87.64 monthly repayments. Total amount repayable = £5,278.33, including a £20 Land Registry fee. Loans are subject to status and are typically protected by a Title Restriction. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. This is not a mortgage. Missing payments could affect your credit rating. All lending is subject to status and eligibility.
