Loans for empty homes
We are working in partnership with WM Housing to offer owners of empty properties an interest free loan to help fund the work required to bring their property back into use.
The following criteria apply:
- The property must have been empty for more than 12 months
- The loan must be used to provide accommodation to meet an affordable housing need
- Loans range from £1,000 to £15,000
- Two to five year interest free repayment plans
- A charge will be registered against the property until the loan is repaid
All loans that are approved will be subject to a number of conditions to ensure that the loan funds are recycled to assist in the bringing of further empty properties back into use.
If a residential property has remained empty for two or more years, the owner may qualify for a reduced VAT rate of five per cent on most of the renovation costs. We can provide written confirmation that will allow the owner to claim the reduced VAT rate.
If the owner uses a VAT registered builder to undertake the work, the VAT they charge on the works will be at the lower rate. The builder is responsible for claiming the difference from Revenue and Customs.
Empty Homes Grant
If you are the owner of an empty property that is in need of repair and renovation, financial assistance could be available in the form of an Empty Homes Grant (EHG).
Eligibility for funding is dependent upon a number of factors such as:
- Available resources
- Property location
- Property type
- Housing need in the area
Please note that no guarantee of financial assistance can be given prior to purchase, and that grants cannot be paid retrospectively.
The main features of this option are:
- The level of grant available will vary depending on the size of the property. In most cases the owner will be asked to make a contribution
- In return for the grant, the owner will agree to lease their property to a housing association for an agreed period. A lease agreement is entered into and the rent charged will be in line with affordable housing rent levels (80 per cent of open market rent)
- The lease period will be for 5 to 10 years. This is determined by the amount of the grant after consultation with the council and housing association
- The housing association will guarantee the rent for the duration of the lease, even if the property remains empty for a period of time
For more information about all of the schemes please contact housing needs and development:
There is also assistance available for existing landlords who join the Home Cert Landlord Accreditation Scheme.