The aim of this loan is to make sure that people have a high quality, warm, secure and energy efficient home to live in.
These loans have been developed in partnership with the Welsh Government and are funded via the 'Vibrant and Viable Places' and 'Homes Improvement Loans' schemes.
Interest-free loans of up to £25,000 are available to help pay for improvements that will be made to properties that are owner occupied or privately rented. If you’re the owner of an empty property and you wish to occupy the property yourself, you are also eligible to apply.
Properties that have been converted to a number of self-contained units may also be eligible for loans per self-contained unit (up to a maximum of 10 units per applicant in Wrexham town centre and six units per applicant elsewhere in the county borough).
Once the work is completed the property must be either rented out, sold, or occupied by you yourself.
How does the loan work?
The loan is a secured loan with a charge placed against the property for the lifetime of the loan. A first or second charge will be required with the total amount of loans not exceeding 80% Loan to Value (LTV). Normally the charge is placed on the property being improved, however the charge may be secured against an alternative property if necessary.
Loans are currently subject to an application fee of up to £595, plus Land Registry and Companies House fees as applicable* (no further interest is charged on the loan itself). Confirmation of fees will be provided at time of application. This covers all costs incurred by us in providing the loan, including Legal Fees and Valuation Fees (if required). There are no charges for early repayment of the fees.
How soon does the loan need to be repaid?
The loan is repayable over a period of up to five years if the property is rented, or up to seven years if the property is owner occupied.