NUE – Thanet Owner Occupier Loan Scheme

NUE – Thanet Owner Occupier Loan Scheme

The “Owner Occupier Loan” initiative has been developed by Thanet District Council (TDC)  in partnership with Kent County Council’s No Use Empty Team to offer an interest free secured loan of up to a maximum of £25,000 (Twenty Five Thousand Pounds) to individual(s) who have purchased an empty property (which has been empty for more than 6 months) and wish to obtain a loan to assist with the refurbishment costs, which will then be occupied by them on completion of works for a minimum of five years.

 

Summary of criteria (not exhaustive)

  • If you do have a mortgage, then consent for a secured charge  in the name of TDC will be required. Therefore please check with your lender if in principal a second charge could be achieved if a loan was awarded and the combined loans do not exceed 90% of the current property value.
  • Confirmation of ownership of the property. This should normally be an “office copy” Title Register and Title Plan provided by the Land Registry,
  • Two estimates for the works to be undertaken.
  • Supporting documentation for ID purposes, such as your latest P60 and 2 pay slips
  • If self-employed, you must provide 3 years accounts.
  • Valuation Report (undertaken by a member of the Royal Institute of Chartered Surveyors – RICS).
  • Specialist reports, Building Regulations, Planning Permission and plans where required.
  • No Company Applications for an owner occupier loan will be accepted

How do I apply for a loan? ALL TO DO

We would suggest that you download and read the loan guidance booklet, as this will give you important information on how the scheme works and what conditions you will have to meet to be eligible for a loan.

If you feel that you could benefit from a loan under this scheme or require further information or guidance, then please contact  the NUE team at nouseempty.gov.uk to discuss.

Formal application packs will be issued following a discussion to ensure that your proposed project can be considered.

PLEASE NOTE THAT ALL LOANS ARE ADMINISTERED ON A FIRST-COME FIRST SERVED BASIS AND SUBJECT TO FUNDING BEING AVAILABLE.