Merton Council has updated its Home Energy Efficiency Loan Scheme, reducing the interest rate from 5.5% to 4% (Representative 4.2% APR) to make energy-saving home improvements more affordable for homeowners. This initiative reinforces the Council’s commitment to supporting Merton residents in improving the energy efficiency of their homes, making them warmer and more comfortable to live in.
Bringing the interest rate below the base rate ensures homeowners have fair access to finance for solar panels, battery storage, heat pumps, home insulation, and energy-efficient windows and doors. This move is part of the Council’s drive to support residents in reducing their energy bills and becoming a net-zero borough by 2050.
Councillor Eleanor Stringer, Deputy Leader and Cabinet Member for Civic Pride and Climate Change, said:
Lowering the interest rate of our Home Energy Efficiency Loan Scheme demonstrates our commitment to making home improvements more affordable. By providing affordable finance, we’re helping residents cut their energy bills, reduce carbon emissions, and contribute to a greener Merton.
Merton’s Home Energy Efficiency Loan, delivered in partnership with Lendology CIC, provides homeowners and landlords with loans of up to £20,000, repayable over a maximum of 10 years, with no early repayment charges.
Lendology CIC is an experienced Social Enterprise Lender, managing similar schemes with councils across the UK. The reduced rate aligns with best practices across the UK and to date, Merton Council remain the only London Borough with a dedicated Energy Efficiency Loan Scheme for homeowners.
Emma Lower, CEO at Lendology CIC, said:
“We are delighted to continue working with Merton Council to provide responsible finance for home energy improvements. Making energy efficiency upgrades more accessible is essential in reducing emissions from privately owned homes, which account for over 20% of the UK’s carbon footprint.”
For more information and to apply for finance, visit https://www.lendology.org.uk/partner/view/london-borough-of-merton/.
Representative Example (Fixed interest rate of 4%, Representative 4.2% APR)
Loans are subject to status and are typically protected by a Title Restriction. Borrow £5,000 over 60 months, £95.51 monthly repayments. Total amount repayable = £5,750.35, including £20 fee for registering the Title Restriction against your property at the Land Registry. The £20.00 fee is only payable if a loan is agreed by Lendology, and you decide to proceed with a loan. We do not charge interest on the fee. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid.
This is a financial promotion approved by Lendology CIC. Missing payments could affect your credit rating and ability to obtain credit in the future.
Lendology CIC is a community interest company limited by guarantee, registered in England, company number 4512225.
Registered address: Heatherton Park Studios, Bradford on Tone, Taunton TA4 1EU.
Lendology CIC is authorised and regulated by the Financial Conduct Authority (675263) for credit regulated activities.