An Owner Occupier Loan is an interest free secured loan funded by Welsh Government to help eligible property owners make improvements and repairs to their properties to ensure homes are safe, warm and secure. The Owner Occupier Loan is available to homeowners and landlords in the Torfaen area.
The maximum amount of loan you can apply for is £25,000 per property or unit. Money is paid up front to the owner or landlord and will need to be repaid within;
5 years for a landlord or
10 years for an owner occupier.
A financial assessment will be carried out and will determine how long an applicant will have to repay the loan. If the property is sold within the loan term, the loan must be repaid immediately. All loans can be repaid sooner than the end of the term if the applicant wishes to do so.
Please note that any loan offered (taking into account any existing mortgage) cannot exceed 80% of the current property value. The loan 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.
Your home may be repossessed if you do not keep up repayments on your loan.
All Owner Occupier Loans are offered at the discretion of Torfaen County Borough Council and are subject to the availability of funding.