A report on how to finance repairs to properties for families on low incomes has recently been completed and it has recommended that a pilot scheme, to assist people making repairs to their properties, be initiated.
The report, Loan Finance To Improve Housing Conditions For Vulnerable Owner Occupiers, indicates that interest free loans and equity release products are the best option for people on low monthly incomes. It was also suggested that a pool of capital would be created, which would be funded by private investors, and the government would offset interest and premium costs.
Our view
This would help people on low incomes and stop the need for people using loan sharks and other non-reputable financial options. However, could this be seen as bias with one section of society getting preferential treatment?