Increasingly public funding for repairs to properties has been reduced or cut as Local Authorities (LA) retrench to statutory requirements. The Care Act has introduced a caveat to this trend requiring LAs to take on housing need within their general assessment of people’s need and well-being. Consequently there are opportunities for agencies to develop clear and legally compliant pathways to guide customers to advice and services that enable them to fund repairs and adaptations to their properties.
A number of local authorities already contract with CIC investment companies such as Parity Trust and Wessex to enable people to release equity on their properties. Such companies usually depend on LA investment and don’t cover most of the country. Other routes for customers are through SOLLA financial advisers specialising in advice to older customers. As per regulatory change, this advice now carries a charge.
Foundations have developed a partnership with StepChange, a major national charity specialising in debt counselling. This enables agencies to safely refer customers to their Financial Solutions Service offering free regulated, whole market advice on mortgage and equity release products. Please contact us if you are interested in participating in the partnership with StepChange.