New Service – Equity Release Pilot Programme

Argyll and Bute Care and Repair will be piloting the Scottish Governments new HEEPS: Equity Loan programme.  This commences on 4th January 2017.

Homeowners and private sector landlords in the Argyll and Bute council area can now take advantage of this Scottish Government equity loan, which is supported by the Energy Saving Trust, to help fund energy efficiency improvements and/or associated repairs to their property.

An equity loan allows you to borrow against the value of your home (if there is enough equity available in the property). These loans do not require monthly repayments and repayment of the loan will only take place when the property is sold A cap is in place (currently 2.5% per annum) to ensure applicants who see a sharp rise in their property value will not be unfairly penalised. The maximum loan value is £40,000 but cannot be more than 50% of the property’s estimated market value.  The homeowner must also retain a minimum of 30% equity in the property. 

The scheme is only available to homeowners or private sector landlords with properties in council tax band A – C.  However, if an owner or tenant are in receipt of certain qualifying benefits they may also be eligible, regardless of what council tax band the property is in.  These include: 

  • Guarantee element of the Pension Credit;
  • Attendance Allowance;
  • Universal Credit or any of the benefits due to be replaced by Universal Credit (Income Based JSA, Child Tax Credit, Working Tax Credit, Employment and Support Allowance, Income Support, Housing Benefit);
  • Council Tax Reduction (excluding 25% discount for single occupancy);
  • Carer’s Allowance;
  • Disability Living Allowance (DLA) or Personal Independence Payment (PIP) Armed Forces Independence Payment;
  • War Disablement Pension;
  • Industrial Injuries Disablement Benefit.

To Find out more, or to request an information pack and application form please contact:

Or call our main office on 01631 567780 and ask for Christine Burns who will take your details for George to call you back.

Or, call Home Energy Scotland direct on 0808 808 2282.


 

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