North Somerset Council have launched a new loan scheme for eligible homeowners to invest in low-carbon or renewable energy solutions, or insulation, within the home. The loan scheme can also be used in conjunction with the Government’s Green Homes Grant Vouchers to top-up a shortfall for successful applicants.
As an incentive, the Council are offering a £250 payment for those who take up a loan, towards the purchase of an A++ rated kitchen appliance or to offset their Council Tax Premium.
Loans of up to £8,000 repayable over a maximum term of 10 years are on offer with a fixed interest rate of 4% (Representative 4.2% APR).
The Home Energy and Renewables Loan are administered by Lendology CIC, a Somerset based Social Enterprise that has worked in partnership with the council since 2005. Lending funds to homeowners means that when funds are repaid, they go back into the council pot to be lent to homeowners into the future. Lendology CIC completes a no-obligation financial assessment and can support a range of homeowners.
Having declared a carbon emergency in February 2019, the Council are looking at a range of measures to reduce emissions across the district and supporting homeowners to reduce their energy usage in just one measure.
For an informal chat about the loan scheme, contact us on 01823 461099, [email protected] or visit https://www.lendology.org.uk/.
Typical Example
Borrow £8,000 over 120 months, £81 per month (4% fixed interest rate, Representative 4.2% APR). Total amount repayable = £9,739.50, including £20 fee for registering the Title Restriction. Missing payments could affect your credit rating and ability to obtain credit in the future. Loans are subject to status and are typically protected by a Title Restriction. This means that you may not be able to sell your home without our permission unless the loan is fully repaid.
