Care and Repair Scotland and the Energy Savings Trust are working in partnership to deliver a pilot equity loans scheme on behalf of the Scottish Government. The loan is designed to help owner occupiers carry out energy measures and repairs to future proof their home and enable them to live in comfort for as long as possible.
Who Can Apply?
Owner occupiers of a property in council tax bands A-C in one of the pilot local authority areas. Owner occupiers in receipt of qualifying benefits may also be eligible.
Private landlords with properties for rent in one of the pilot areas that are in council tax bands A-C. Landlords with more than 2 properties for rent will not be eligible. Landlords whose tenants are in receipt of certain qualifying benefits may also be eligible.
What Work will Qualify?
The work carried out to the property must include an energy efficiancy element but funding for a range of other repairs is also available. Cosmetic works to kitchens or bathrooms will not be eligible.
What is an Equity Loan?
An equity loan is repaid when you sell your property. You do not make any ongoing payments. The amount that you pay is related to how much you have borrowed and the value of the property when it is next sold. A cap will be included to ensure that householders are protected from repaying excessively more than they borrowed if house prices rise.
The amount of funding available to you will depend on the mortgage remaining on your property. The maximum loan is £40,000 and the homeowner must retain a minimum of 30% equity in the property.
What is the role of Care and Repair?
Care and Repair staff in the three pilot areas can support you through the process, for example, to give you advice about the condition of the property, the most beneficial repairs and selecting contractors.
How do I apply?
You can make an expression of interest by phoning Home Energy Scotland on 0808 808 2282