Supporting local councils to encourage local investment in private sector housing

Lendology requires a Title Restriction as we lend local council funds to homeowners. The local council require repayment of the loan should the loan property be sold during the loan term. The Restriction is only in place whilst there is a balance due on the loan. When you have repaid your loan in full, we will deal with the removal of the Title Restriction at the Land Registry. There is no fee or charge for this.

If during the loan term you decide to sell or transfer the ownership of your home, your legal representative will write to us and request a loan balance on the date of sale, and we will remove the Title Restriction when the balance of the loan has been received.

Our Title Restriction means that if the loan balance is still outstanding when you sell your property, Lendology will require its funds returned as part of this process. Your legal representative will write to us and request a loan balance on the date of sale, and we will remove the Title Restriction when the balance of the loan has been received.

If you are re-mortgaging your home, your legal representative will contact us for our consent. We consider each case on a case-by-case basis and are likely to approve your re-mortgage if your new mortgage is similar to your previous mortgage when you took your Lendology loan. If we do not consent to your re-mortgage, we will confirm to your legal representative the loan balance required to settle the loan.

We will never ask you to sell your property in order to repay the loan.

Scheme set up costs vary depending on your requirements.  After an initial discussion, we will be able to provide a cost-break down detailing both initial set-up fees and ongoing activity-based pricing. Contact to discuss.

Ideally, Lendology require a minimum of £300,000 as a starting level for a loan scheme.

With our average loan value of around £8,000, it means that we could support approximately 37 households as a start point.

We have been operating for nearly 20 years, and so have a wealth of experience working with local councils, including developing new loan scheme offerings and on-boarding new partners.

We work in partnership with each council and lend according to their Housing Policy.  We currently support owner occupiers, landlords, empty property owners and park home owners under our main loan schemes.

Not as a matter of course.  However, if there is a situation where a council partner requests us to lend to a non-homeowner, we are able to complete a financial assessment as per our usual application process.

We register a Title Restriction against the property at the Land Registry to enable us to protect local council funds. This means that should the homeowner look to re-mortgage, sell or transfer ownership, we are notified and the loan agreement stipulates repayment on any of these trigger events.

Typically, we have around 0.8% of loans in arrears, so a very low rate. Our initial affordability assessment ensures that when we lend, we are confident that clients can afford to make repayments now and into the future.

We are regulated by the Financial Conduct Authority (FCA), and we work through a conversation with the client where we undertake a financial assessment, which looks at all income and outgoings. We realise the benefit of having a conversation, and we follow that up with requesting copies of financial documents to support the conversation.

We ask for copies of bank statements, and other supporting documents and information.

It can take as little as 2-3 days, but the average is more like 14 days.

Uniquely our standard loan rate is 4%, regardless of age or income or loan term.

We charge £20 to cover the cost of entering the Title Restriction at the Land Registry.

We always ask for a copy of the final invoice, which matches the amount of money borrowed.

We always signpost applicants for funds that are freely available in the first instance, and we are also there to support them if the work required is more expensive than the grant.