Council ready to improve homes with flexible loans

Archived press release

Date Published: 14/12/09

Residents aged 60 or over can now apply for a low interest loan to help keep their homes safe and warm.

Aylesbury Vale District Council’s flexible home loan scheme has been introduced to help people carry out improvement work on their homes.

The loan is truly flexible as people do not have to make any repayments during their lifetime, or they can opt to pay it back monthly, or occasionally, if they prefer. The only condition is that if they sell their home or no longer live there that the loan is paid back along with any interest accrued.

Interest is at a low rate linked to the Bank of England rate, and the loans scheme is supported by government funding.

Loans are available for improvements ranging from essential repairs and maintenance, central heating, new doors and windows, replacement bathroom suites, security or adaptations like stairlifts. If it improves the warmth, comfort, safety and security of the home it is eligible.

Councillor Michael Edmonds, Deputy Leader and Cabinet Member for Economic Development, said: “These loans will be great news for older residents in Aylesbury Vale. People who thought that they might not be able to continue living in their own homes will be able to carry out repairs and adaptations which will enable them to stay put in improved comfort and safety.

“The loans are described as flexible because they are exactly that. Homeowners can pay the money back with guaranteed low interest rates in a way that suits them.”

For more information, visit www.aylesburyvaledc.gov.uk or call 01296 585605.