In­ter­est free loans with cash back can help keep you cosy

Rutherglen Reformer - - Info.. Info.. Info.. -

The Scot­tish Gov­ern­ment is mak­ing avail­able in­ter­est free, un­se­cured loans of up to £15,000 for in­stalling a va­ri­ety of mea­sures such as solid wall in­su­la­tion, dou­ble glaz­ing or a new boiler. Land­lords with mul­ti­ple prop­er­ties are el­i­gi­ble for up to £100,000 in to­tal.

For a lim­ited time, house­hold­ers are el­i­gi­ble to re­ceive cash back of 25% of their quoted costs, up to a max­i­mum of £3,750. Ap­pli­cants must be able to com­plete works and claim fund­ing by March 10, 2017. The in­ter­est free loan funds 75 per cent of the cost for the im­prove­ments. The cash back pays for the 25 per cent bal­ance. The cash back is a 25% grant to­wards mak­ing your home more en­ergy ef­fi­cient.

If the loan is for un­der £5000 you can take choose a re­pay­ment time period of up to five years. If the loan amount is greater than £5000 you can spread the re­pay­ments over up to 10 years.

What im­prove­ments could you make with an in­ter­est-free loan? Solid wall in­su­la­tion: £10,000 Loft, cav­ity, un­der floor in­su­la­tion: £1000 Flat roof or room in roof in­su­la­tion: £4000 Gas, LPG and oil boil­ers, warm air units and elec­tric stor­age heaters: £5000

Dou­ble/triple glaz­ing, sec­ondary glaz­ing and in­su­lated doors: £4500 If in­stalling at least one of the pri­mary mea­sures, you can in­stall the fol­low­ing sec­ondary mea­sures: cylin­der ther­mo­stat; draught proof­ing; waste wa­ter heat re­cov­ery sys­tem; flue gas heat re­cov­ery sys­tem; hot wa­ter tank jacket; heat­ing con­trols. Loans of up to £500 per mea­sure are avail­able to help with fi­nanc­ing any sec­ondary mea­sures. The loan scheme is open to owner oc­cu­piers and reg­is­tered pri­vate sec­tor land­lords in Scot­land. The re­pay­ment period varies based on the amount you bor­row but those tak­ing out higher value loans will be able to pay back over 10 years. It de­pends on your tar­iff. If it is econ­omy 7, it is easy - other tar­iffs are more com­plex. The re­cent Com­pe­ti­tion and Mar­kets Au­thor­ity In­ves­ti­ga­tion is mak­ing changes which are due to come into force later in the year.

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