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What Type of Assistance is available?
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Who is eligible?
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Conditions for receiving assistance
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Key outcomes
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Independent financial advice
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Homeowners will be offered the services of an Independent Financial Advisor (IFA) in order to identify the most appropriate source of funding for their circumstances and the home repairs or improvements required.
The IFA will investigate both commercial and local authority financial products.
A fee will be chargeable, and included within the loan provided.
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Enquirer must be the home owner of a dwelling within Gateshead
Enquirer is required to complete a provisional financial assessment form
Only where the financial assessment shows that the homeowner is unlikely to be able to acces a commercial product.
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None
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Homeowners are fully appraisal of the financial options available to them to carry out repairs or improvements to their home.
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Loans
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a) IFA recommends a Commercial Loan Product
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Homeowners who are able to access a commercial loan product on reasonable terms.
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None
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Homeowner accesses funding to carry out repairs or improvements to their home.
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b )IFA recommends one of the following Local Authority Loan products:
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A Local Authority Loan product will be made available to homeowners who are unable to access a commercial product on reasonable terms
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Enquirer must undergo assessment for loan and will be considered for grant assistance if unable to access commercial or LA loan on reasonable terms
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Homes are improved to Decent Homes Standard.
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Enable occupiers to stay in their own home.
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Equity Loan
This product will meet the needs of home owners who do not have sufficient income to make monthly repayments on a loan, but have considerable equity in their properties. The loan will be available for works which will contribute to Decent Homes Standard. Homeowners can access 80% of the available equity in their home, to a maximum of £35,000, and from a minimum of £2,500.
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Homeowners with equity in their homes will be able to access this to carry out repairs or improvements.
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Works carried out will ensure the property meets the Decent Homes Standard. At the Council's discretion a higher or lower standard of works will be agreed.
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The loan will be repayable on the disposal of the property, or upon the death of the home owner.
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The home owner is deemed to be the person named on the mortgage or deeds to the property at the time the loan was agreed.
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A Fee will be chargeable, however, the fee will not be required up front but will be included within the loan provided.
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Capital and Interest Repayment Loan
This is a secured loan, for homeowners who are able to make monthly repayments. The loan will be available for works which will contribute to Decent Homes Standard. Homeowners can borrow a Maximum of £10,000, over a term of 1-7 years repayment period.
The repayment period will depend upon the circumstances of the individual, and the amount borrowed.
A Fee will be chargeable, however, the fee will not be required up front but will be included within the loan provided.
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Homeowners who are unable to access a commercial loan on reasonable terms, but who are able to sustain regular repayments may benefit from this low interest product.
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Works carried out will ensure the property meets the Decent Homes Standard. At the Council's discretion a higher or lower standard of works will be agreed.
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Unsecured small, capital only loan
A maximum of £2,000 is available for small repairs or improvements, repayments are made over a term of 5 - 25 months, on set due dates.
The repayment period will depend upon the circumstances of the individual, and the amount borrowed.
A Fee will be chargeable, however, the fee will not be required up front but will be included within the loan provided.
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Homeowners who are unable to meet the requirements for a commercial loan product, but who are able to sustain regular repayments may benefit from this product. Available to under 60 year olds.
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The loan will be available for works which will contribute to Decent Homes Standard.
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Anchor Loan Scheme - HOMESURE
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A tailored loan service is available for homeowners over 60 years of age. The service is delivered by the Council in conjunction with its partner Anchor Staying Put. Homeowners circumstances and the improvement or repair works required are taken into consideration to identify the most appropriate type and source of funding. (Details of this product and fee and repayment arrangements are available from Anchor)
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Available for homeowners in Gateshead who:
are 60 years of age and over
have owned and lived in there home for at least three years
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Well maintained homes
Enable occupiers to 'stay-put' in their own home.
Contributes to the objectives of the 'Supporting People' programme.
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a) A Home Loan Coordinator recommends a Commercial Loan Product
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Homeowners who are able to access a commercial loan product on reasonable terms.
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None
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Homeowner accesses funding to carry out repairs or improvements to their home.
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b) A Home Loan Coordinator recommends 'Essential Repairs and Renovation Loan'
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Unsecured small loan
A maximum of £5,000 is available for small repairs or improvements, repayments are made over a term of 12 - 60 months, on set due dates.
This scheme is administered by Anchor Staying Put and the loan is provided by the Council.
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A Local Authority / Anchor Staying Put Loan product will be made available to homeowners who are unable to access a commercial product on reasonable terms
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Works carried out will ensure the property meets the Decent Homes Standard. At the Council's discretion a higher or lower standard of works will be agreed.
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Well maintained homes
Enable occupiers to 'stay-put' in their own home.
Contributes to the objectives of the 'Supporting People' programme.
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