Residents benefiting from council's low cost loans scheme

LOW cost loans are on offer to West Somerset homeowners who are on a low income, thanks to a scheme run by the district council and Wessex Home Improvement Loans.
Homeowners who qualify can borrow up to £15,000 for essential repairs or home improvements at a fixed repayment rate of three per cent.
One resident who has taken advantage of the scheme is Stephanie Witherick, of Wootton Courtenay, who borrowed £5,000 to fit a downstairs shower room.
Mrs Witherick said: “I was really struggling to use the bath upstairs. It was getting beyond me and to the point where it was quite terrifying.
“High street lenders were not interested and I was also worried about rises in interest rates.
“West Somerset Council’s home improvement adviser said I was eligible for a loan, and Wessex Home Improvement Loans sorted out the financial side for me.
“It is an excellent service because the council monitored the contractor’s work every step of the way and made sure everything was done properly.”
Eligible work includes leaking roofs, rotten or draughty windows, central heating installation, and damp treatment.
However, the low cost loans are not available for non-essential improvements.
There is no charge for setting up the loan, although some homeowners may incur a small charge for taking security on their property and legal expenses.
Mrs Witherick said: “It has taken the worry out of having contractors in, and it is good that the interest rate will never go up.
“I was delighted that the shower was fitted in time for my daughter’s wedding and it has really improved our lives.”
The council’s housing, health, and welfare portfolio holder, Councillor Mary Crowley, said: “This is a fantastic scheme for people who cannot afford to get the work done or cannot afford high street borrowing rates.
“Borrowers can rest assured that there are no hidden charges and that the rate will remain fixed for the duration of the whole loan.
“We would encourage more people on low incomes to come forward to see if they are eligible.”
Three loan funds are available for borrowers, including a capital repayment scheme, an interest-only scheme, and an interest roll-up scheme.
Specialist advisers will help borrowers select the scheme that is most suited to their circumstances.
Wessex Home Improvement Loans adviser Melanie Allen said: “It has been a real privilege working with West Somerset Council and the clients here, especially when you see the difference the loan scheme makes to people like Mrs Witherick.
“We offer support and guidance throughout the process to ensure people get the right products.
“We value our partnership with West Somerset Council, which subsidises the scheme so that we can offer local people such low interest rates.
“There’s nothing like it on the high street and we are proud to be able to offer such a unique scheme which is entirely focussed on the needs of the client.”
West Somerset residents interested in the low cost loan scheme should contact Julie Payne on 01643 703704.

• Our photograph shows Stephanie Witherick (left) in her new bathroom with loans adviser Melanie Allen. Photo submitted.