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Principality BS adds long-term funding option for social housing providers

Anna Sagar
Written By:
Posted:
October 17, 2022
Updated:
October 17, 2022

Principality Building Society has released a longer-term funding option aimed at housing association developers to build new homes.

The mutual said that it followed the success of 15-year term funding option and is available to support development of new homes and to retrofit the existing properties.

Richard Wales, commercial lending director at Principality, said: ‘We’re proud to announce this new product to further support the great work that is done by social housing providers.

“In addition to the new 25-year repayment plan, housing associations may also secure lower borrowing costs should they deliver on mutually agreed environmental, social and governance (ESG) objectives.”

He added: “As a company, we became carbon neutral this year in our own operations, as we strive to reach net zero status by 2030. It’s something that’s very important to us, so we’re keen to help other to make this journey too.”

The lender has been updating its proposition, releasing a mortgage for newly qualified professionals with improved income cap recently.

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