The Empty Property Loan has been developed to offer interest free loans to renovate and/or convert empty properties so that they are suitable for reoccupation.
Individuals and companies can apply for a loan, if they already own an empty property or are considering buying an Empty Property in Torfaen. Loans can only be made available for properties that have been empty for at least six months or more (but it need not have been owned by the applicant for that period).
Money is paid up front to the owner and will need to be repaid within; 2 years - if the property is to be sold (the loan must be repaid in full once the property is sold) or 5 years (if the property is to be rented).
All loans can be repaid earlier if the applicant wishes to do so.
There are no monthly repayments, the full amount is repaid at the end of the specified period.
The maximum loan amount you can apply for is £25,000 per property or unit, up to a total maximum of £250,000 per applicant.
Please note that any loan offered, taking into account any existing mortgage cannot exceed 80% of the current property value. The loan approved must be secured by a first or second charge being secured against the property. If there is an existing mortgage on the property we need the lenders to consent to secure our charge.
