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Help is at hand for West Devon home owners feeling the pinch

A Council-backed low interest-rate lending scheme can help local home owners to make essential repairs and efficiency improvements to their home.

Money Lendology

Food and energy bill price rises are hitting even harder on wallets this year. West Devon Borough Council is reminding residents of a local scheme to help with the cost of fixing your home and avoid falling into the trap of expensive short-term borrowing.

In the last two years, over £132,000 has been lent to people in West Devon via Lendology, an ethical loan agency that is supported by the Council.

Lendology provides a variety of loan products and schemes designed to meet the wide ranging financial and housing needs of the communities they serve. Owner occupiers, private sector landlords, empty property owners, first time buyers and park homes owners can apply for a home improvement loan fixed at 4% interest. Every year the Council supports the scheme with a £30,000 payment to ensure local residents can access affordable loans.

Cllr Tony Leech, West Devon Borough Council Lead Member for Leisure, Health and Wellbeing said: "Many people are feeling the pinch this year - but we don't want anyone to either put off essential repairs or take out expensive loans that could spiral out of control. Instead, we work with Lendology to make sure residents across the Borough can borrow money at a low interest rate. This means they can make repairs that are essential for their health and wellbeing without the worry of getting trapped by debt. Anyone can apply as loans are made depending on affordability. You can find out more by going to https://www.lendology.org.uk/"

West Devon Case Study

Mr and Mrs R needed to replace asbestos tiles on their roof. Lendology completed a financial assessment and were able to give the clients a decision in principle and provide repayment examples. Mr and Mrs R were able to borrow funds to repair the roof using a local roofing contractor in Yelverton. Now that it's fixed, they no longer have leaks and feel much happier. Their advice to other homeowners would be "Go for it. Very helpful and sound advice."

To find out more about whether a loan from Lendology is right for you, please go to https://www.lendology.org.uk

Published 7 March 2022

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