Release Date:  09-Jul-2008

A scheme by the city council has seen homeowners in Bristol receive over £1/2 million in subsidised loans to enable them to carry out essential repairs and maintenance to their properties.

Bristol City Council has been working in partnership with not-for-profit organisation, Wessex Home Improvement Loans, to provide an affordable way for homeowners on low incomes to make their homes decent. The loans can be repaid in a number of different ways depending on individual need and are all based on the applicant paying only 3% fixed rate interest with the council also paying 3% to subsidise the loan. The current maximum loan available is usually £15,000.

Since the scheme started in April 2005, 86 households in Bristol have received home improvement loans. The latest loans agreed bring the total figure given by the council so far to over £1/2 million.

Councillor Judith Price, Cabinet Member for Homes & Streetscene, said: “It’s our aim to ensure everyone in the city lives in a decent home, in a better neighbourhood. Our range of very low cost loans with flexible repayment schemes allows homeowners to bring their properties up to a reasonable condition without the fear of being unable to meet the cost of repayment. I am delighted that we have been able to help so many people make necessary improvements to bring them up to the decent homes standard.”

Four new loan products have been added to the scheme by the council this week to offer even greater help to local homeowners:
- Loans to complement Disabled Facilities Grants (DFGs)
to help an applicant pay their portion of the costs of an adaptation or pay the balance when the work exceeds the maximum amount of the DFG

- loans to first time buyers
If they are buying a non-decent home and have some equity in the property but are low on funds to address the work that needs doing.

- Capital Appreciation Loans (faith loans)
To assist home owners whose religion prevents them from accessing standard loan products. This has been developed under the principles of Islamic finance.

- loans to landlords
For owners of private rented accommodation to help them improve the standards in their properties.

These are in addition to the existing loans - Capital Repayment Scheme, Interest Only Scheme and Interest Roll Up Scheme.

Homeowners interested in applying for a loan or finding out more should contact the council’s Private Housing & Adaptation Service on tel. 0117 903 8978 or email: private.housing@bristol.gov.uk. 

Author:  Catherine Frankpitt / Vicky O'Loughlin t.0117 922 3463

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