WITH AN ENERGY REPAYMENT LOAN - Wakefield...DP20425 Homes energy loans_DP20425 Homes energy loans booklet 18/01/2018 12:04 Page 13 14 Affordable loans for Yorkshire and the Humber

Interest free loans for home owners on low incomes to help you keep warm

Affordable home improvement loans for Yorkshire and the Humber

WITH AN ENERGYREPAYMENT LOAN

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2 Affordable loans for Yorkshire and the Humber

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Homes and LoansEveryone should be able to live in a decent home. One that is safe,warm and weatherproof, with modern facilities.

We know that many home owners cannot afford to keep their homeswarm as their homes are not energy efficient. If this is you, then wemay be able to help. This booklet explains a simple and affordable wayto pay for the energy work your home may need to help you keep warm.

Homes and Loans is a service set up by all the councils in Yorkshireand Humber. We offer affordable loans for home owners with lowincome. We are run by councils on a non-commercial basis.

This booklet is a guide to the Energy Repayment Loan.

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Main featuresThe Energy Repayment Loan is not a grant. It is an interest free loanthat you repay each month over a term agreed by us.

It allows you to carry out work to your home to make your home moreenergy efficient.

Benefits• It helps you to live in a warm, comfortable home.

• The loan is interest free.

• This is a council backed scheme.

• We will support you throughout the process.

• The amount you borrow is protected against negative equity.



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Who is the loan for?Anyone who owns their home and:

• Is vulnerable, for example on a low income, on certain types ofbenefits, elderly, in poor health, unable to access commercial loans,and

• Is aged 18 or over.


What is the loan for?To carry out energy efficiency works to your home, such as:

• A new boiler and heating system

• Loft insulation

• Cavity wall insulation

• Solid wall insulation

• Replacement windows and doors

Find out if you qualify for a loan by calling us. Our contact details are at the back of this booklet.



How we will helpWe will help you decide what work is needed, what help you can getand what can be covered by the loan.

We will help you all the way through the application process by:

• Helping you fill in your application.

• Advising you what documentation you need to provide.

• Keeping in touch and answering your questions.

• Making sure the loan is fully paid out and the work to your home issatisfactory.

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How does the loan work?You can borrow the amount of money you need to improve the energyefficiency of your home, including any loan set up fees. The loan issecured as a legal charge against your home.

We will advise you when your contractor can start work. When the workhas been completed to our satisfaction, we will pay your contractordirectly.

We will then collect your loan payments by direct debit from your bankaccount each month.



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Repaying the loan• The minimum term is normally 6 months and the maximum term is

normally 5 years.

• We will assess your income and expenditure to determine whatrepayments you can afford and over what term.

• You can repay your loan in full with no early repayment charges.

• You can over pay on your monthly payments or make lump sumpayments at any time.

• If you do make over payments, you can keep your monthlypayments the same to reduce your loan term or reduce yourmonthly payments and keep the term the same.



Frequently asked questionsWhat will it cost me? You will be responsible for paying the loan set up fees, which includeregistration of our legal charge on your home and any required consentfees your lender may charge, if you have a mortgage. These fees cannormally be added to your loan or you can choose to pay them upfront.

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What size loan can I have? The most you can borrow is the amount needed to carry out the energyefficiency works to your home. Usually we will lend no more than£3,000 and no less than £300.

However, we will always look at your circumstances to decide howmuch your loan should be if the work will cost more or less. Theamount we will lend you, will also depend on what you can afford topay after paying for all your essential bills and for food.

Will the money be paid directly to me?No, the money will be paid to your chosen contractor when the work iscomplete.

Can I move home? Yes, but you must repay the balance of your loan when you sell yourhome if you have not paid it all off.



Should I get independent financial and legal advice? Yes, we recommend that you get independent professional advice tohelp you decide if this is the best solution for you. If you choose toseek professional advice, you will be responsible for the cost of it and itcannot be added to your loan.

Do I have to pay interest? No, interest is not charged on your loan if you repay all your monthlypayments on time and by the end of your agreed loan term.

What if I have other secured borrowing on my home? We will consider you for a loan if we are happy you are able to affordthe monthly payments. Your lender may need to give us permission toregister our legal charge, which they may charge us for.

What happens if I miss a payment? We reserve the right to charge fees if payments are missed and we willconfirm what these fees are in writing during the loan applicationprocess.

Your home may be at risk if you do not keep up your payments.

What happens if I have bad credit history?We will consider each loan application on its own merits. It depends onhow bad your credit history is and the reason for it. We may not be ableto lend to you if you have such as an Individual Voluntary Arrangementwith creditors, a Debt Management Plan or an Administration Order.

We also cannot lend you money if you are an un-discharged bankrupt.

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Please check that this loan will meet your needs if youwant to sell your home or if you want your family toinherit it. If you’re in doubt, please get independentfinancial and legal advice.

For more information, please ring us on0114 203 5191.


For more information, please ring us on01924 305892

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Homes and Loans


This document can be supplied in alternative formats and languages, please contact:

Place Portfolio Housing and Neighbourhood Services

Tel: 0114 203 9151www.sheffield.gov.uk

DP20425 Jan 2018

This document is printedon 80% recycled paper

When you have finished withthis document please recycle it

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WITH AN ENERGY REPAYMENT LOAN - Wakefield...DP20425 Homes energy loans_DP20425 Homes energy loans booklet 18/01/2018 12:04 Page 13 14 Affordable loans for Yorkshire and the Humber