There are a number of conditions associated with the loan. These include:
- The loan is repayable over 5 years if it is made available to rent
- The loan is repayable over 2 years if it is made available to sell
- A one-off administration fee will apply that may be paid over the term of the loan or paid up front.
- There is an 80% loan to value (LTV) ratio where any loan offered, taking into consideration any existing mortgage or secured loan cannot exceed 80% of the current market value of property offered as security. Examples of this can be provided on request.
All loans are subject to availability. Any offer of a loan is not guaranteed until you have received formal approval from the council. Any works undertaken prior to this approval will be at your own risk.