Home Appreciation Loan (HAL)
What is a HAL?
A HAL is an equity release loan without monthly repayments to assist homeowners to be able to afford the work required to bring their properties up to a decent standard.
Who is the loan for?
The loan is for anyone who is classed as ‘vulnerable’ i.e. elderly, on low income, in poor health and unable to access a conventional, commercial loan.
What is the loan for?
- Essential work where the occupants health and safety is at risk e.g. faulty electrical wiring or a leaking roof.
- Work to bring the house up to a ‘decent’ standard e.g. fitting a new modern bathroom or kitchen
- To help meet the cost of a contribution for disability adaptation work where grant funding is exceeded.
How does the loan work?
- The Council will help to determine what work can be included within the loan and assist in the application process
- There are no monthly repayments
- The loan will be calculated as a percentage of the house value. The percentage is normally repaid when the house is eventually sold, with a maximum cap on what can be repaid in the event of extreme house price rises.
Important note: Check that this mortgage will meet your needs if you want to move or sell your home or if you want your family to inherit it. If you are in doubt, seek independent advice.
Contact Information
For further information or to make an enquiry about Home Appreciation Loans please contact:
Private Sector Housing
Home Improvement Service
Usher Street
Wakefield Road
Bradford
BD4 7DS
Telephone: 01274 434520
Fax: 01274 434159
