Houses to Homes

Cwm Taf Region (Merthyr Tydfil and Rhondda Cynon Taf)

The Welsh Government has provided significant funding to six collaborative regions across Wales to assist in bringing empty properties back into use as homes. The Cwm Taf Region has been given in significant funding since 2011, to provide interest free loans of up to £25,000 per unit, to owners of empty properties, to assist with the repair and refurbishment costs.

The key features of the Scheme include:

  • Interest free loan of up to £25,000 per unit of accommodation
  • The loan must be used to renovate the empty property
  • The property must be empty for at least 6 months at the time of application
  • The application fee is typically £345 (includes land registry charge)
  • The loan is secured as a charge against the empty property or some other property owned by the applicant
  • The loan must be repaid in 2 years – where the loan is sought for ‘loan to sell’ (where the owner aims to sell the property after completion of the renovation works). Loan is repaid upon sale.
  • The loan must be repaid in 3 years – where the loan is sought for ‘loan to rent’ (where the owner aims to let the property to tenants after completion of the renovation works
  • Companies or individuals may apply
  • Conversion of empty commercial properties is permissible (e.g. Converting a former pub into 6 apartments could attract 6x £25,000 = £150,000 in loan funding)
  • Maximum total loan monies per person or company is £150,000
  • Any loan offered, taking into account any existing mortgage cannot exceed 80% of the current value. However other property may be used to secure the charge to overcome this
  • Property must be renovated to a decent, habitable standard
  • Loan recipients cannot move into the renovated property – this Scheme is targeted at buy to let and buy to sell options only
    Hints & Tips
  • There are officers in MTCBC and RCTCBC who are more than happy to provide free help and assistance to owners of empty properties and investors thinking of purchasing empty properties – contact them for further information
  • Empty properties bought at auction are ideal for Houses to Homes loans. Many will be in need of renovation and you may not be able to obtain a mortgage on the property in its current condition. The H2H scheme can provide you with the working capital to renovate the property, allowing you to obtain a ‘buy to let’ mortgage

 





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