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Information for a Local Authority
The Home Improvement Trust (HIT) is a not-for-profit organisation set up in 1997 with the support of the Department of the Environment, now the Department of Communities and Local Government. Hit’s aim is to enable older and disabled people to live safely and independently in their own home, helping to prevent poor health and reducing the need for residential care. HIT has a board of directors with representation from the major charities for older people, local councils, housing associations and city financial and legal expertise. It works with local councils and home improvement agencies across England and Wales to provide practical local support and access cost efficient funding. HIT runs the Houseproud programme which works in partnership with local authorities and home improvement agencies across England, Scotland and Wales to provide information on all the options available for older and disabled homeowners to fund major work on their homes. It is the only National Scheme operating in this way providing external private sector funding. Local partner officers provide a single and consistent point of contact for clients and can offer information about the equity release loan options for people who are either not eligible for grant assistance or who have insufficient means to fund the client contribution required. The loans can be used either as ‘stand alone’ funding or as a top-up facility for a grant. The Home Improvement Trust:
How does Houseproud Work? The Houseproud service can range from giving practical help and advice on repairs, improvements and adaptations, sourcing of reliable tradespeople and checking of work on completion through to providing information on all funding options, including on no risk equity release loans. The scheme is run in partnership with the Home Improvement Trust and local councils- with 107 local authorities now participating across England and Wales. In London it is run in partnership with the Greater London Authority with funding being provided by the Government Office for London. The service is delivered locally by case workers (usually from the local council or home improvement agency) providing a single and consistent point of contact for clients. If equity release is deemed to be a suitable option HIT acts as the impartial intermediary and assists with the provision of detailed Key Facts Illustrations of equity release options in-line with the requirements of the Financial Services Authority; arranges the property valuation; liaises with the lending Building Society or Bank; and ensures that all the centralised legal processes are carried out satisfactorily. Loans are arranged via HIT using regulated lenders who will provide a guaranteed no repossession clause, and are secured on the equity of the property. Houseproud provides benefits for the homeowner that may include all or some of the following or, as determined by the council strategy: Peace of mind that the work can be checked by the local council or the local council backed home improvement agency Information about all funding options available Reliable tradespeople used to carry out the work Practical advice on the repairs, improvements and adaptations If equity release is a possible option – the free services of an Independent Financial advisor A guarantee of no repossession, whilst the original borrower/s remain in occupation Comfort, security and independence to continue to live in their own home rather than have to move into residential care Benefits for the local authority Helps local authorities meet the Decent Homes Standard targets Achieves home improvement for the area Enables occupiers to stay in their homes for longer thereby reducing potential cost for residential care homes A government initiative, tackled in a proactive manner Helps to lever in private funding Hit is a proven partner in delivering private sector housing renewal strategies. |
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© 2008 Home Improvement Trust all rights reserved. |
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