Kim McGuinness has backed a £1 million loan scheme to help North East homeowners and private landlords pay for energy-saving improvements.
Interest registration for the North East Warm Homes Loan opened on 8 October. Full applications are scheduled to open on 22 October.
Delivered with not-for-profit lender Lendology CIC, the scheme offers loans of £2,000 to £25,000 towards insulation, solar panels, heat pumps and energy-efficient windows and doors.
The advertised fixed interest rate is 2%, with a representative annual percentage rate of 2.2%. Repayment terms can run for up to ten years, with no early repayment charges.
The North East Labour mayor said the offer would help address the upfront costs that prevent households improving their homes. The programme particularly focuses on fuel poverty and privately rented properties.
The loans complement existing grants. Lending remains subject to eligibility and an assessment of individual circumstances, and the money must be repaid.
