How a Lendology loan helped to empower an energy efficient home
Emma Lower, Chief Executive at Lendology, recently shared an inspiring example of how a Lendology loan helped a homeowner transform her property into an energy-efficient haven.
The unique approach of Lendology
Lendology stands out as a lender because it offers low cost loans to homeowners in specific areas where local councils have provided funding. This model allows Lendology to offer financial support to homeowners who may not have access to traditional lending options. The process begins with homeowners checking their eligibility based on their council’s participation in the scheme.
Case study: Sheila’s energy-efficient retrofit
One of Lendology’s success stories involves a homeowner named Sheila, who has undertaken her second retrofit project. Sheila moved from Surrey to Devon with a strong commitment to reducing her carbon footprint and leaving a positive legacy for her grandchildren. Her goal was to make her home more comfortable and energy-efficient, particularly as she planned for her older years.
Sheila decided to install a comprehensive set of energy-efficient measures, including:
- Heat pump: A more sustainable alternative to traditional heating systems.
- Underfloor heating: Enhances thermal comfort and efficiency.
- Solar PV and battery storage: Reduces reliance on the grid and maximises renewable energy use.
- Heat recovery and ventilation system: Improves indoor air quality and energy efficiency.
The lending process
Sheila’s journey with Lendology began with a mail-out campaign conducted in collaboration with Exeter City Council, which was distributed with the annual council tax statements. Sheila read and responded to it, initiating her retrofit journey.
The application process involved several steps:
- Eligibility check: Sheila confirmed that she was eligible for a council loan scheme.
- Financial assessment: Using open banking, Lendology reviewed Sheila’s financial documents, looking at her bank account transactions over the past three months to assess affordability. This step ensures that the loan repayments fit within the homeowner’s financial capabilities.
- Loan approval and customisation: A case manager worked with Sheila to determine the best loan repayment plan based on her individual circumstances and commitments. The assessment considered all aspects of her financial situation to ensure the loan was manageable.
Lendology’s funding model differs from traditional loans. Instead of disbursing the full amount upfront, payments are made once the retrofit works are completed and the homeowner is satisfied. This approach can include paying deposits at the start of the work but typically involves final payments either directly to the homeowner or to the contractor, based on the homeowner’s preference.
The result of Sheila’s retrofit project was a significantly warmer, more energy-efficient, and low-carbon home. She was highly satisfied with the contractors and the overall service provided by Lendology. Sheila’s positive experience underscores the effectiveness of Lendology’s support in helping homeowners achieve substantial energy efficiency improvements while making minimal environmental impact.
If you are interested in learning more about Lendology loans and how they can help you achieve your energy efficiency goals, please visit Lendology’s website for more information.
