What is the Home Trust Loan?
The Home Trust Loan is designed for home owners whose properties need essential repairs, improvement or adaptation and who do not have the funds available to carry out the work.
Loans are available in amounts from £1,000 to £25,000.
The service is dedicated to helping those who are finding it difficult to access financial assistance from other sources. This includes those who are not eligible for the Council's grant schemes.
The Home Trust Loan scheme provides you with all the support and guidance you need to see the home improvement process through from start to finish.
Who provides it?
The Home Trust Loan is a secured loan provided by South Coast Moneyline, a socially responsible not-for-profit lending organisation, in partnership with your local authority. The loans are subsided by the Council to guarantee a low interest rate of 5.0% (5.1%APR). This rate is fixed for the full term of the loan.
What can I use the Home Trust Loan for?
Examples of eligible work could be:
The Council will determine what work is eligible, then refer you on to the scheme. We will also let you know if you might be eligible for a grant instead.
What are the benefits?
-
Low cost and tailored to your needs: designed to suit your budget.
-
Guaranteed, fixed rate: a low, fixed rate of interest, guaranteed for the full term of the loan.
-
Specialist service: South Coast Moneyline offer the support of a dedicated Home Trust Loan officer who is able to carry out home visits.
-
Help with contractors: The Council can provide advice on choosing a reputable contractor.
-
Final inspection: once the work is finished a final inspection can be arranged to ensure that you are satisfied with the works.
-
Early settlement: You may make overpayments or settle the loan in full without penalty.
Examples (typical APR 5.1%)
Capital Repayment Loan - total balance decreases with each monthly payment:
Capital Repayment Loan
| Loan amount |
Term |
Monthly repayment |
Total interest |
| £5,000 |
5 years |
£94.36 |
£661.60 |
| £5,000 |
10 years |
£53.03 |
£1,363.60 |
| £5,000 |
15 years |
£39.54 |
£2,117.20 |
Interest Only Loan (Available to clients age 60+)
- Loan capital of £5,000 paid when the property is sold.
- Monthly repayment is applied against the interest accrued, but not the capital.
Interest Only Loan (Available to clients age 60+)
| Loan amount |
Term |
Monthly repayment |
Settlement figure |
| £5,000 |
Life |
£20.83 |
5 yrs £5,000 |
| 15 yrs £5,000 |
| 30 yrs £5,000 |
Interest Roll Up Loan (Available to clients age 60+)
- Outstanding balance of capital and interest paid when the property is sold.
- No regular payments.
- Loan balance increases as the interest accumulates over time, as illustrated below:
Interest Roll Up Loan (Available to clients age 60+)
| Loan amount |
Term |
Monthly Repayment |
Settlement Figure |
| £5,000 |
Life |
£0 |
5yrs £6,417 |
| 15 yrs £10,569 |
| 30 yrs £22,341 |
Important information
Your home may be repossessed if you do not keep up repayments on a mortgage or other debts secured against it. The Home Trust Loan products are provided exclusively by South Coast Moneyline. South Coast Moneyline is the trading name of the Portsmouth Area Regeneration Trust (Guarantee) Limited. No. 3977373. Head Office: 115 Commercial Road, Portsmouth, PO1 1BU.
How to apply
Contact the Private Sector Services, using the details below, so we can assess what assistance you may be eligible for and refer you onto the scheme.
Private Sector Services
Guildford Borough Council
Millmead House
Millmead
Guildford
GU2 4BB
Tel: 01483 444 302
Email: privatesectorhousing@guildford.gov.uk
South Coast Moneyline
115 Commercial Road
Portsmouth
PO1 1BU
Tel: 0845 389 9494
Email: mail@scmoneline.org.uk