Slough homeowners over 60 years old can now benefit from a flexible home improvement loan scheme from Slough Borough Council to carry out repairs or to improve the warmth, comfort, safety or security of their homes.
The not-for profit Slough loan scheme will be on a fixed interest rate for the length of the loan and will be set at, or just below, the Bank of England rate between 4.5 percent and 7 percent.
Slough Borrowers can either make regular monthly payments, occasional payments or make no payments at all, as the loan can be paid off before hand or if the property is sold or the owners cease to occupy it.
Slough Homeowners can vary the arrangement at any time.
The loan – plus any outstanding interest – must be repaid and can be paid off at any time without penalty.
Initially funded by the regional housing board, the scheme is being introduced by the council and 16 other local authorities across Berkshire, Buckinghamshire, Oxfordshire and Surrey.
Improvements eligible to qualify for the scheme include:
* Essential repairs and maintenance
* Central heating or improvements to heating
* Replacement doors and windows
* Improvements to insulation
* Roof and structural repairs
* Replacement bathroom suites
* Installation of level-access showers
* Plumbing and drainage repairs
* Rewiring
* Replacement kitchens
* Burglar alarm and home security
* Replacement guttering, soffits and cladding
* Work associated with eradicating dampness, wet rot, dry rot and woodworm
* Installation of stair lifts or other adaptations.
Sue Demar, Senior Technical Officer for Slough Borough Council, said: “The loan is designed to help people raise funds who otherwise would not be able to do so at a reasonable rate. Also, there is no risk of losing your home.”
“If anyone would like to enquire, please get in touch with us.”
Cllr James Swindlehurst, commissioner for Slough neighbourhoods and renewal, said: “This exciting scheme clearly demonstrates our commitment to helping our more senior residents reap the benefits that home improvements can bring as they approach or enjoy retirement.”
“It is important to us that the loan is equal or superior to products available from other lenders in terms of interest rates, charges, efficiency and especially flexibility.”
For further information or to arrange an appointment please call 01753 875521.
Slough Borough Council
