Do you know Someone Whose Home is in Dire Need of Improvement?
Or has the Local Council placed a Statutory Notice on it for major repairs? Councils are currently tightening their belts and housing funding may no longer be available to assist with home improvements or repairs. Does this also affect home repairs for the elderly and the vulnerable?

So Who will Pay for Home Repairs or Improvements?
If someone is property rich but cash poor and they are working alongside their local authority or housing association, help may be available from not for profit organisations. They provide affordable finance packages to low income, elderly or vulnerable households for repair, maintenance and improvement.

Even if there are existing lenders, provided there is sufficient equity in the property, a loan may be available. ART Homes can provide different types of loans to suit individual and specific needs including:

1. The Property Appreciation Loan: (PAL): Designed for owners who do not have the income to support a loan, but have considerable equity in their properties. The loan is secured against the value of the property with no repayment of capital or interest until ultimate change of ownership. The loan is calculated as a percentage of the initial value of the property. The repayment amount is based on the same percentage, but of the property value when the loan is redeemed.
2. Unsecured Loan: A small repayment loan over a maximum four year period where a discount of 50% is given off the total if the homeowner makes half of the repayments on time. Offered as an alternative to emergency grant, it encourages the homeowner to take responsibility and maintain regular repayments.
3. Repayment Loans/Interest Only Loans: The term and the interest rate can be varied to suit the strategic requirement of the Local Authority.

Before placing any loan over a property advice should be sought from professionals who are Authorised and Regulated by the Financial Services Authority (FSA) and are Licenced by the Office of Fair Trading (CCA).

If you have legal queries regarding any aspect of your home or home repairs for the elderly, please get in touch with our property team.