What is the Local Authority Purchase and Renovation Loan?

The Local Authority Purchase and Renovation Loan (LAPR)  is a Government backed mortgage and loan for the purchase and renovation of derelict and non-habitable homes that qualify for the Vacant Property Refurbishment Grant whether derelict, non-habitable or simply vacant.

If you wish to purchase and/or renovate a Vacant Property Refurbishment Grant eligible home but cannot get sufficient funding from commercial lenders you can apply to your local authority for a LAPR.

The amount  that you can borrow is dependent on the type of renovation work required and the end of works value of your home.

The 3 project types are

  1. Vacant property and minor works
  2. Vacant property and major works
  3. Derelict (meaning renovation on a property eligible for VPRG Derelict Top-Up)

Please note major renovations are defined in Building Regulations and refer to renovations where more than 25% of the building’s surface area (the building envelope) undergoes refurbishment or renovation. Minor works means works that are not major renovations.

A key feature of the LAPR is that a cheaper bridging loan is available. This is equal to the amount of the Vacant Property Refurbishment Grant and repayable once the grant is paid out. This has important benefits for you:

What type of properties are covered?