Empty homes loan
Information about the loan
The loan is interest free and as the owner you are eligible to apply for up to £20,000. However, as a charge will be placed on the property you will need to obtain permission from the mortgage provider if there is still one in place.
Should the works on the house require more than £20,000, we would require you to provide the extra funding and this would have to be spent on the initial works before we make our contributions.
We will pay for an independent RICS surveyor to produce a full list of works required. We would then supply you with a schedule of works which you would use to obtain at least three quotes from contractors. One contractor would be selected for all the works and it would be up to the contractor if they wish to sub-contract any parts of the work out.
Once the loan agreement is signed, works can begin and the contractor will be paid in stages by us once an invoice is submitted.
When works are completed and checked, the final payment will be made to the contractor and the property is to be let out. We will expect to receive monthly repayments towards the loan and the amount of which to be paid will be discussed before the loan agreement is signed.
If you are interested in applying please contact housingstandards@bolton.gov.uk.