Council Offers Interest Free Loans in Empty House Scheme

23 November 2012 Categories: News

Council Offers Interest Free Loans in Empty House Scheme

Cardiff Council has become the latest to offer landlords an interest free loan to help them get empty houses back on the market. The ‘Houses into Homes’ scheme is being funded by the Welsh Government to the tune of £1million, and it is hoped that a significant portion of the city’s 1,400 vacant properties will be renovated to once again become habitable.

Landlords throughout the city are being offered the chance to borrow up to £25,000 per property for whatever work they need doing, including renovations, painting and decorating, window replacement and the installation of fitted kitchens or bathrooms. If the property is later let by the landlord he/she has 3 years to repay the loan, but if it is sold the loan repayment must be complete within 2 years.

Cardiff councillor, Lynda Thorne, commented on the scheme saying, ‘There are houses sitting there empty when we have such a huge waiting list. We need to tackle that. Add to that the impact empty and derelict houses have on neighbouring properties, and it can be a blight on the whole neighbourhood’.

‘Most landlords are finding it very difficult to get money in this financial climate, but they can also have advice on the processes and how to get the work done. We will be working with a housing association with a lot of experience to give advice as well’.

The repaid loans will be recycled back into the scheme for the benefit of future landlords.