ASPIRING house self-builders are once again able to access a loan from the Scottish Government to make their dreams come true.
The government has re-opened its Self-Build Loan Fund, which had closed at the end of August.
This current incarnation totals £6m, with individual projects invited to apply for a loan of £175,000, but only on those occasions when funding from more traditional sources – such as a bank – is not available.
Says a Scottish Government announcement, here: “Following the success of a pilot scheme in the Highlands the fund was launched nationally in 2018, with 41 loans worth a total of £6.2 million approved to date.”
It adds: “The administration fees borrowers will pay to secure their loan is £895.
“The interest rate for the loan is 5.5 per cent (nine per cent for those in default). The agreed repayment period will depend on the nature of the project, but the loan is intended to be short-term and repaid on completion of the build.”
Picture credit: Place Design Scotland
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