New Loan Scheme to Support Energy Efficient Home Improvements in Cornwall
Bude-Stratton Town Council is pleased to share news of a new financial support option for Cornwall residents seeking to enhance their homes with renewable energy and energy efficiency improvements. Cornwall Council, in collaboration with Lendology CIC, is now offering a special loan scheme designed to make sustainable home upgrades more accessible.
Eligible homeowners can apply for loans ranging from £1,000 to £20,000, with a fixed interest rate of 4%. This initiative is funded by the UK Government through the UK Shared Prosperity Fund and aims to support residents in making eco-friendly choices for their properties.
Lendology CIC, a social enterprise and B Corp, focuses on people rather than profit, offering fair and accessible financial solutions. “We’re thrilled about this collaboration with Cornwall Council, which marks a significant step forward in improving the private housing sector,” says Emma Lower, CEO of Lendology. “As our marketing reach is limited, we depend on local communication to spread the word about these opportunities.”
Homeowners interested in taking advantage of this scheme are encouraged to visit www.lendology.org.uk or contact Lendology at 01823 461099 for more information and to apply. Before committing to any improvements, it is advisable to undertake an independent retrofit assessment to ensure that the planned works are well-suited to your specific property and objectives.
Key Financial Information:
- Loan Amount: £1,000 to £20,000
- Interest Rate: 4% fixed, Representative 4.2% APR
- Example: Borrowing £5,000 over 60 months results in monthly repayments of £92.08. The total amount repayable would be £5,544.96, which includes a £20 fee for a Title Restriction registration required by Lendology. This fee is only applicable if the loan proceeds.
Loans are typically secured with a Title Restriction, which may affect your ability to sell your property unless the loan is fully repaid. Missing payments could impact your credit rating and future credit opportunities.
This loan scheme is part of Cornwall Council’s role as a Lead Authority in managing the UK Shared Prosperity Fund, ensuring the successful implementation of funded projects across Cornwall and the Isles of Scilly.
For residents of Cornwall, this represents a promising opportunity to improve home energy efficiency while managing costs effectively. Take a step towards a more sustainable home today.
Visit the Lendology website for more information https://www.lendology.org.uk/
