Special loans available in Merton
Owners of empty homes in Merton are being offered an Empty Property Loan to bring the home back into use.
The new service offers owners of empty properties loans of up to £44,000 for one and two bedroom homes and up to £54,000 for larger homes.
Loans are available from Merton Borough Council to anyone who owns a residential property, which has been empty for six months or longer.
The loan is available to pay for essential renovation and repair works, so that the homes can be lived in by their owners or rented on the open market or to the council.
The low interest loans (Bank of England base rate plus 1%) last for up to two years or until the property is sold, when the loan is then repaid to the council. These loans are in addition to the Empty Homes Grants, which are also available, and are twice their value.
The Empty Property Grants will only be given to people who will bring their home back into use specifically to be used to house Merton residents currently on the housing list.
Councillor Martin Whelton, Cabinet member for community and culture, said: "We have 200 empty homes in Merton which are not being used to their potential. Often properties are left vacant due to lack of funds to maintain them to the point where state of the house is unable to be mortgaged.
"In Merton we need to be maximising the use of all of our resources and making the most of what we already have. By bringing properties back into use through our Empty Property Loans and the continuing Empty Property Grants we hope to house more families in suitable homes within Merton."
For more information on Empty Property Loans call 0800-783-7569 or call 0208-545-3887 for Empty Property Grants.
May 17, 2011