We've joined in partnership with Wessex Home Improvement Loans (WHIL), community interest not-for-profit organisation who deliver loans on behalf of Mid Devon.
WHIL complete a stringent financial check with each applicant to ensure affordability for the loan. All loans have a fixed interest rate so you know how much you would have to repay.
Subject to various qualifying criteria and funding availability discretionary loans are available, to owner occupiers (including park homes), landlords, tenants with repairing obligations and first time buyers.
Household income below £125 per week
Where owner occupiers can demonstrate a low disposable income (of below £125 per week), loans can be made through WHIL. The financial assessment will determine which loan product you would qualify for, usually loans are fixed at 4% interest rate (4.2% Typical APR), the WHIL home loans adviser would discuss your options with you. WHIL loan products include Capital Repayment, Interest Only or Interest roll-up, subject to qualifying criteria.
Household income above £125 per week
Households with a disposable income above £125/week would be referred to other commercial lenders, while those that could not sustain a loan would be offered discretionary grant assistance, subject to funding being available. To streamline the process it is proposed (for details see flowchart on the right hand menu bar) that a preliminary means test would be carried out as a first step so that applicants know whether it is worth proceeding. You would be assigned a home loans adviser to support you through the entire loans process.
Landlord loans are also subject to stringent financial checks and a flowchart on the process is also shown on the right hand bar menu.