We will charge fees to arrange and manage a deferred payment agreement. The fees are simply to cover our costs and not to make a profit. They will meet the costs of legal fees, property valuation, Land Registry fees and administrative costs.

If you want to apply to us for a deferred payment agreement, you must send a one-off administration charge of £670 with your application. If a property valuation is needed, we will charge a separate fee of £326. You will also have to pay an ongoing weekly administrative charge of £10.

We will write to you separately about these charges if you decide to enter into a deferred payment agreement.

Charges for deferred payment agreements

We will charge interest on deferred payments in the same way as a bank would charge it on a loan. We will charge interest in line with the national rate that local authorities can charge. The national interest rate changes every six months.

The interest rate charged from 1 January 2024 to 30 June 2024 is 4.65% per year. To find out the interest rate from 1 July 2024, please ask the member of staff working with you, or contact our Adults’ CarePoint. See the back of this leaflet for our contact details.

Interest will apply from the day you enter into the deferred payment agreement. It will be compound interest. This means that we will calculate the interest and add it to the loan every day.

You will receive statements every six months. These will tell you how we are calculating your interest and the outstanding amount on your deferred payment account.