ART Homes Ltd

Coventry homeowner, Nuala has lived in her semi-detached house for the past 49 years. Nuala began to find it hard to maintain the property after her husband passed away some years ago.

“The house began to deteriorate and I could not afford the up-keep. There is a flat roof on the extension at the rear of the house, which was very poorly insulated, the house got very cold in the winter and I suffered hypothermia at one point. The central heating also needed to be replaced as did many of the windows.”

Nuala made an enquiry to Coventry City Council, who put her in touch with Home Improvement Agency, Orbit Care & Repair. After an initial assessment, Orbit found Nuala’s home to be in a state of disrepair, so they referred her to the West Midlands Kick Start Partnership. Funded by the Regional Assembly, the scheme brings together ART Homes Ltd, a provider of affordable finance solutions for vulnerable and low income homeowners, and seven local authorities in the region (including Birmingham, Coventry, Sandwell, Dudley, Stoke, Walsall and Wolverhampton Councils) to provide vulnerable people with access to affordable loans for essential repairs to their homes.

A representative from ART Homes Ltd visited Nuala to assess her eligibility for an affordable loan product. As Nuala could not afford monthly financial commitments for a conventional repayment loan, she was advised and recommended to consider a Property Appreciation Loan (PAL)®. A PAL is specially designed for people who do not have sufficient income to qualify for a commercial loan, but have equity in their property. This loan is secured against the value of the property, but with no repayment of capital or interest until ultimate change of ownership.

Nuala was relieved that she qualified for the PAL and commented, “I would not have been able to get the work done to my home without the PAL. I now have a pitched roof on my extension and it has thick insulation that makes a huge difference to the temperature, as does the new central heating system. I have had some of my windows replaced with UPVC and new patio doors enable easy access into the back garden and onto the newly paved patio area. This was very uneven before and dangerous to walk across.

“My home is now warmer, more comfortable for visitors and most importantly, I have been able to stay in my own home”.