We are committed to providing financial help and support to residents during the economic downturn.
A range of loans, discounts and instalment schemes are available to help you meet the costs of major works bills or service charges. You can find a summary of these here.
If you are having difficulties paying, please contact us immediately. We may be able to put you in touch with an independent advisor wo can help.
Discount scheme
You will receive a 2.5 per cent discount if you pay major works invoices in full within 28 days of issue.
Payment by instalments
If the property is your only home, you can pay for major works by instalments or council loans using direct debit, up to a maximum period of ten years (subject to status).
The repayment scheme operates on a sliding scale based on the size of bills, and the first 24 months are interest free.
If you have a major works bill of more than £3,000, you can apply for a discretionary loan.
The timescales for paying bills are as follows:
From £3,000 to £5,000 – two years
From £5,000 to £7,500 – three years
From £7,500 to £15,000 – five years
For £15,000 and above – ten years.
To qualify for a loan you must:
• agree to the loan being secured on your property
• be able to demonstrate that you are able to repay the loan
• live in the property billed as your principal home
• pay your own legal fees
• pay the Land Registry fee
• pay the cost of administration and the council’s legal fees. These costs will not exceed £250 and can be added to the loan.
Right to a loan
If you are a leaseholder who bought your property under the Right to Buy scheme, you may be entitled to a Right to a Loan to cover major works within the first ten years of the lease.
This right remains with the lease and is passed on to any subsequent leaseholders within this timeframe. The major works charges must be £1,500 or more within one financial year.
Your home will be used as security for the loan in the form of an extra mortgage. There is an administration fee of up to £100, which can be added to the loan, and there is also a Land Registry fee.
If you wish to apply for a loan, please contact us.