Energy efficency loans available to more North Devon residents

As the current energy crisis continues to impact homes across the district, North Devon Council has revised its policy on home improvement loans to help even more residents heat up their homes.

In partnership with Lendology CIC, a Social Enterprise lender, North Devon's local authority provides council-funded loans for home repairs, improvements, energy efficiency and renewable energy measures. Lendology works in partnership with local organisation such as 361 Energy to make sure that people have access to impartial energy advice and home ‘retrofit’ support. 

The partnership with Lendology CIC has facilitated home improvement loans for the last 15 years, however the policy has been recently revised to make it accessible to a wider range of residents. Amongst the changes:

• the previous cap for a maximum loan has been removed; the maximum amount will now be assessed by Lendology based on individual circumstances
• eligible client groups have been broadened to include partnerships and business owners (for Commercial Conversion Loan and/or Empty Home Loans)
• there is no limit to the number of loans that can be applied for; eligibility will be down to assessment by Lendology and availability of funds
• additional home owner loans are now available; "Lite Loan" of £500 to £1000 and "Bulk Buy Fuel Loan" up to £1000 for oil, wood, LPG, coal or calor gas (the Bulk Buy Fuel Loan is also available to private/social tenants)

Lead Member for Housing at North Devon Council, Councillor Nicola Topham says: “The current energy crisis is impacting everyone, along with the rising cost of living. Making sure homes are as energy efficient as possible is key to retaining heat and reducing the cost of heating homes. Residents who would benefit from financial assistance in this area should be mindful of the home improvement loans we have available through our partnership with Lendology and should make contact to see whether they are eligible for help.”

Emma Lower, CEO at Lendology, said: “We have worked in partnership with North Devon Council for over 15 years and are a trusted partner and lender across the North Devon district.  We are seeing more and more homeowners contacting us to spread the cost of energy efficiency measures such as new windows, and renewable energy measures such as solar panels and air source heat pumps. With the oldest housing stock in Europe, the cost of maintaining homes is also increasing and we continue to support homeowners with larger jobs such as replacing roofs and thatches, a charming but costly feature of Devon homes”. 

Lendology disrupt traditional lending with their decisions powered by people, for people. They work with a wide range of homeowners to understand their unique financial situation and everyone pays the same fixed interest rate regardless of the amount borrowed, the term or the financial circumstances. 

There are a range of loan products available to suit people who may find it challenging to borrow elsewhere, for instance those who are self-employed, in receipt of benefits, or retired.

For more information, visit www.lendology.org.uk or call Lendology on 01823 461099.