Royal Masonic Benevolent Institution

Victor Donaldson Fund

Origin

A substantial fund exists as a consequence of a generous gift by the late W Bro Lt Col V C Donaldson, FRICS, PJGD. The purpose of the fund is to lend money to Annuitants of the Institution or recipients of Grand Charity grants in order to enhance the quality of their life by carrying out the following repairs to their homes: for example;

Rewiring
Replacement of roofs
Installing stair lifts
Converting rooms to assist disabled individuals
Double glazing
Installing/replacement of central heating system.

Conditions

The following criteria have to be met in order for the loan to be secured:

The amount of the loan is not more than one quarter of the value of the property
The property must be freehold or leasehold (with an unexpired lease of 75 years or more) and belong to the applicant
The RMBI has first charge on the property (existing mortgages or charges can be redeemed within the loan)
The applicant is over 65
The loan is over £1,500
The maximum loan limit is £60,000
The property must be adequately insured at all times
The case adheres to the principles of the fund and there is a genuine need.

How The Loan Is Secured

The loan is secured by way of a legal charge on the property. The loan variable will be set at Barclays Base Rate + 1%. The borrower pays neither the capital nor the interest during his/her lifetime until the property is sold (the loan will then be recovered); otherwise, both are recovered from the Estate. The title deeds to the property are requested from the applicant and are stored at the RMBI for safekeeping.

Procedure

A survey of the property is carried out by one of the RMBI’s Property Operations Managers.
A copy of this report will be sent to the RMBI detailing recommendations for improvements to your home.
The RMBI will then send a copy of the report to you and ask you to confirm the work you want done.
Estimates will need to be obtained and should be sent to the Finance Administrator together with the deeds of your property by Registered Post.
The RMBI will then obtain the necessary financial approval for your loan, arrange for the legal aspects of the mortgage and, providing your loan is approved, confirm that the work can go ahead.

Our solicitors will deal with all the legal aspects. All you need to do is sign the Legal Charge. The loan will include the cost of the estimate, the survey and solicitors fees (normally in the region of £500 and slightly more if the property requires registration). The money for the contractors will be sent to you to pay on completion of the work, alternatively, we could pay them directly if you wish.
If you have a current mortgage, depending on the amount outstanding, we are prepared to include this sum in your loan. If you are certain you wish to proceed with a loan from the Institution, please obtain a redemption figure as soon as possible from your Bank/Building Society and send it to this office.

Redemption of the Loan

Should you wish to redeem the loan at any time, you may do so. Our solicitors will deal with the discharge of the legal charge and the recovery of funds. A fee of £135 + VAT (subject to change) will be charged by Forbes Hall on redemption of the loan for their services.

Special Victor Donaldson Fund Loans
The terms of the Victor Donaldson Fund were extended in 1995 to allow special cases to be considered by the Chief Executive from individuals who were neither in receipt of an RMBI annuity or a Grand Charity grant. Applicants may wish to cover the costs of day-to-day living expenses as well as house repairs or raise capital for a holiday but their income and capital resources preclude them from doing so or receiving help from the Masonic Charities. The conditions for this particular loan are as follows:

The maximum amount of the loan, inclusive of legal fees is £10,000.
There is no survey report completed
The normal legal charge is prepared with the RMBI holding first charge to the property.

Applications for both loans should be made to:

Annette Campbell
Royal Masonic Benevolent Institution
20 Great Queen Street
London WC2B 5BG
Tel: 020 7596 2462

Provincial Grand Lodge
of Cornwall

Approved by the United Grand Lodge of England
Approved by the United Grand
Lodge of England

Other comments from the Provincial Grand Master