Affordable finance company sees dramatic increase in lending.
Portsmouth-based finance firm, South Coast Moneyline has reached a major milestone, by lending over £200,000 of its local authority supported home improvement loan. This figure has doubled in the ten months, having previously taken three years to attain its first £100,000. The Home Trust Loan is a lending scheme backed by a consortium of Portsmouth City Council, Gosport Borough Council and 13 other Local Authorities across the south. Their subsidy enables home-owners to borrow at low rates unavailable to the general market, so that essential work can be carried out on their properties. The interest rate of just 5.0% (5.1%APR) is fixed for the life of the loan, enabling borrowers to budget their repayments, and there are a variety of repayment options one of which requires no monthly repayments. The striking increase can be attributed to a number of factors, not least the credit crunch which has left home owners unable to afford repairs or finance from other lending institutions. South Coast Moneyline, a not-for-profit organisation, has also increased it marketing activity over the last six months. With the assistance of local authorities it has ensured that the unrivalled benefits of the Home Trust Loan have been communicated to, and understood, by the people who need it most. Simon Frost, Chief Executive of South Coast Moneyline said: “Reaching the £200,000 figure so quickly means that home owners are beginning to realise that there is plenty of inexpensive money available for those who need essential repairs. With winter not too far away, it is even more important that people, especially the more vulnerable groups such as the elderly and the disabled, understand that such an affordable option is available to them.” Simon added: “There is plenty more money available and home owners needing financial assistance shouldn’t delay in contacting their local authority to find out if the Home Trust Loan could help them.” For further information about the Home Trust Loan, visit www.hometrustloan.org.uk -Ends- Word Count: 320