A new government scheme aiming to get over 700,000 empty homes back on the market as rental properties has recently been launched. The National Empty Homes Loan Fund (snappy title) has been funded by a £3 million grant from government. The scheme is available on a full repayment basis for a fixed term of five years and will be provided with a fixed 5% rate to owners.
The scheme involves a wide array of organisations ranging from the Ecology Building Society, the charity Empty Homes, the Government and over 30 local authorities. The scheme itself will provide loans of up to £15,000 to owners of these empty properties. This represents a relatively strong incentive for owners to get these homes back onto the market as it is often difficult for owners to raise the funds to get these properties back to a liveable standard. Such a scheme aims to hopefully break the cycle of run-down properties becoming further dilapidated through lack of investment.
To qualify for the scheme you have to be at least 18 years of age and own a property that has been empty for a minimum of 6 months. In terms of how to apply for the loan, you can apply either through their participating local authority or from the Ecology Building Society directly.