Published: Monday, 1st September, 2008 12:00
Senior residents to benefit from home improvement loans scheme
By Gurpreet Samrai
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SENIOR residents of the Royal Borough will be able to revamp their homes with a loan from their local council as part of a new scheme launched today (Monday).
The flexible home improvement loan scheme, will be available to local homeowners over the age of 60 to improve the warmth, comfort, safety and security of their homes.
Lead member for planning and housing Cllr Alison Knight, said: “This exciting scheme demonstrates clearly our commitment to helping our more senior residents reap the benefits that home improvements can bring as they approach or enjoy retirement.”
The scheme initially funded by the regional housing board and introduced by the Royal Borough and 17 other local authorities will offer a fixed interest rate for the length of the loan and will be set at, or just below, the Bank of England rate.
Borrowers, will also have the option of making regular monthly payments, occasional payments or no payments at all and will be able to vary their repayment arrangement at any time - paying off the loan at any time without penalty.
Cllr Knight, added: “We have created a loan to help residents remain in a well-maintained home during their retirement - and have piece of mind - while paying off as little or as much of the loan as they like each month.
“It is important to us that the loan is equal or superior to products available from other lenders in terms of interest rates, charges, efficiency and especially flexibility.”
There are a number of home improvements eligible to qualify for the scheme including essential repairs and maintenance, plumbing and drainage repairs, rewiring, installations of stairlifts or other adaptations, replacement bathroom suites and burglar alarms and home security.
A leaflet providing details of the scheme is available from the customer services centres at the Town Hall, Maidenhead and York House, Sheet Street, Windsor, as well as the Royal Borough libraries.
For more information or to arrange an appointment to discuss the scheme call 01628 683820.
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