Service charge loans
If you can't pay your major works bill(s) and can't get a loan from anywhere else, you can apply to us for a service charge loan to cover the cost of the major works.
About our loans
- the loan is a mortgage on the property
- it'll be repaid over a prearranged time period
- we'll charge interest on the loan - the interest rate will depend on the type of loan you have
- there'll be an application fee which you can pay upfront or have it added to your loan
- there'll be a redemption fee which you must pay before we close your loan
When we get your application, we’ll send you an information pack, including a quote. The quote will give details of the available periods, interest rate, and repayments.
Paying a service charge loan
The easiest way to pay your service charge loan is by standing order.
You can pay by bank transfer using these details:
- Bank: NatWest
- For the credit of: London Borough of Southwark
- Sort code: 51-50-03
- Account no: 27540006
- Reference: ‘Your Loan Account number’ (starts with a V,D or R) followed by “Fund 2”
You should allow at least three working days for a payment to reach your account.
You can also pay online
Get a loan statement, redemption statement or balance
You can request a loan statement, a redemption balance (how much is needed to pay off your loan including fees & interest) or find out the current balance online.
Page last updated: 16 October 2018