Council backed finance for local landlords
From April 2018, the majority of rental properties will need to have an Energy Performance Certificate rated A to E. This means that landlords with an F or G rated property with new tenants moving in or existing tenancies being renewed need to act now to improve the energy performance of their property.
South Somerset District Council is keen to support landlords to ensure no one falls foul of the proposed new regulations and a council subsidised loan is one option for landlords considering how to fund energy efficiency works.
The council works in partnership with Wessex Resolutions CIC, a not-for-profit, local lending organisation. The partnership has been running for over ten years across the South West. Through providing loans, the council are ensuring that funds for homeowners and landlords are sustainable. This means that every repayment goes back into the council pot to lend to homeowners into the future.
Andrew Wallace, Managing Director at Wessex Resolutions CIC said: "Our landlord loans are proving a popular way for landlords to finance repairs or energy efficiency improvements to their rental properties, particularly in the rural areas that we serve where keeping properties maintained and running efficiently is particularly challenging. Our team of advisers work closely with landlords and our council partners to create flexible financial solutions to the issue of funding repairs".
Councillor Ric Pallister, Leader of South Somerset District Council and Portfolio Holder for Housing added, "Everyone deserves to live in home that is affordably warm whether you own it or rent it. The best landlords in South Somerset provide good quality accommodation that meets or exceeds the required standards, but some do not. Sometimes it will be because they are not aware and their tenants do not complain, in which case we want to work with them to make sure they do not fall foul of the new regulations. It is here that Wessex Resolutions can financially assist if needed. However, for those landlords who choose to ignore the changes we will also be actively "encouraging" them to make the necessary improvements."
Loans have a fixed interest rate and typical 4.2% APR and are subject to status. Missing future payments could affect your credit rating and ability to obtain credit in the future. Wessex Resolutions CIC will insist on loans being protected at the Land Registry by a Title Restriction.