0% loan to help people living in off-gas properties spread the cost of heating their home
Released On 7th Feb 2023
The current energy crisis is impacting on everyone along with the rising cost of living.
Living without mains gas can be expensive. For those who are buying home heating fuel in bulk, a council funded loan may be a good solution to spread the cost. South Somerset District Council work in partnership with Lendology CIC, a Social Enterprise lender, to provide council funded 0% Bulk Buy Fuel loans to homeowners, social tenants, and private tenants to spread the cost over the winter months.
Lendology disrupt traditional lending with their decisions powered by people, for people. Passionate about tackling fuel poverty, they provide finance to a wide range of people, including those who may be excluded from mainstream finance providers.
The loan can be used to purchase oil, gas, wood or other bulk buy fuel sources and is repayable over 6 to 12 months. Lendology encourage people to save alongside the loan where possible to create resilience in paying for the next bulk purchase and to use local bulk buy schemes to save money.
Councillor Sarah Dyke, Portfolio Holder for Environment at South Somerset District Council said: “We’re delighted to be working with our partners Lendology to offer interest free finance to South Somerset residents, to help spread the cost of heating their homes with bulk fuels.
We also encourage residents to make sure their homes are as energy efficient as possible to reduce heat loss. Help and advice, including checks for grant viability such as the Home Upgrade Grant Scheme, for insulation and alternative sources of heating, can be found on our South Somerset Environment website here.”
Emma Lower, CEO at Lendology, said: “With approximately 1 in 6 houses being off gas across the UK, bulk buying home heating fuel is a challenge that is faced by so many households. Our Renewable Energy Loans are available to support homeowners to de-carbonise their homes by moving to more sustainable heating solutions, however this may not be a feasible option for everyone, and so bulk buying fuel is a requirement. Finding the funding upfront can be challenging, especially for people who have only just moved into an off-gas home and have been unable to prepare for the cost of this purchase”.
For more information, visit www.lendology.org.uk or call Lendology on 01823 461099.