£1 million scheme aims to take heat off bills

A new £1 million loan scheme is aiming to take the heat off household energy bills by helping North East homeowners and landlords make their properties more energy efficient.

The North East Warm Homes Loan, introduced by North East mayor Kim McGuinness, offers affordable finance for improvements including insulation, solar panels, heat pumps and energy-efficient windows and doors.

Delivered through a partnership between the North East Mayoral Strategic Authority and Lendology CIC, a not-for-profit lender specialising in affordable home improvement loans, the scheme provides finance ranging from £2000 to £25,000.

Finance is available at a fixed interest rate of two per cent, with repayment terms of up to ten years and no early repayment charges.

Officials say the initiative will focus particularly on households experiencing or at risk of fuel poverty, alongside properties in the private rented sector.

It is also designed to complement existing grant schemes, supporting those who cannot access funding or need additional finance to cover improvement costs.

Mayor McGuinness said: “Everyone deserves a warm, comfortable home that they can afford to heat. 

“But we know the upfront cost of improvements such as insulation, solar panels and low-carbon heating can put them beyond the reach of too many people.

“These new affordable loans will help remove that barrier, giving homeowners and landlords practical support to improve properties, reduce energy use and bring bills down.

“This is another important step towards making the North East the home of the green energy revolution, while making sure local people feel the benefits in their homes and their pockets.”

Eligible homeowners and landlords can register their interest from October 8, with applications opening on October 22.

Prospective applicants are encouraged to obtain quotes for planned improvements ahead of the application window.

Lendology CIC will administer the scheme, supporting customers throughout the application and repayment process.

Further energy-efficiency advice and information about available grants will be accessible through the North East Warm Homes One Stop Shop.

Emma Lower, chief executive of Lendology CIC, added: “We’re delighted to be working with the North East Mayoral Strategic Authority to support the wider North East Warm Homes programme. 

“Having worked with councils for over 20 years delivering responsible lending, we know how important it is that people have access to affordable options.”

For more information about the scheme or to register an interest, visit www.lendology.org.uk/partners/NorthEastWarmHomesLoan 

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