Labour-led Exeter City Council has partnered with Lendology CIC, a social enterprise lender, to offer affordable loans to residents who need to carry out urgent home repairs, adaptations or improvements. The scheme is also aimed at helping people to install energy efficiency measures.
It provides homeowners with access to responsible finance while also promoting the recycling of capital through the repayment of loans. Since this partnership began in 2008, homeowners across the city have received over £1m in loans, with nearly £700,000 being repaid to date. This means that the capital is available to help more residents improve their homes in the future.
Cllr Martin Pearce, Lead Councillor for Communities and Homelessness Prevention, said: “More and more people in Exeter are taking advantage of Lendology and their affordable loans to make improvements or adaptations to their homes. This scheme enables homeowners to improve their homes while promoting recycling of capital, something that is desperately needed to ensure sustainable financing options for homeowners. We encourage all homeowners to take advantage of this affordable and responsible scheme.”
One local resident who benefited from the scheme was able to fund the installation of a new boiler, kitchen, bathroom, shower, driveway, and new doors and windows. She also relocated her boiler upstairs. Following the improvements, she said they had given her more independence and an increased sense of wellbeing, and she feels happier and more in control of her life.
Emma Lower, CEO of Lendology CIC, said: “We wanted to get the message out there and ensure that everyone in Exeter knows about Lendology and the benefits one of our loans can bring to their home.”
Anyone who wants more information on the loan scheme can contact Lendology directly or the council, which can refer homeowners who would like to discuss their property concerns. More information about the scheme and how to apply can be found on the website https://www.lendology.org.uk/partner/view/exeter-city-council/.