RBS partners with social landlord in £50m funding deal.

Together Housing Group (THG), a social housing provider in the North of England, has recently secured a £50 million loan from the Royal Bank of Scotland to enhance its 38,000 properties. This significant development marks a substantial leap forward as THG becomes the first affordable housing association to obtain funding under Royal Bank of Scotland’s innovative Green Housing Retrofit Loan pilot scheme.

This groundbreaking deal will empower Together Housing Group to implement sustainable retrofits such as the installation of ground and air source heat pumps, along with the replacement of cladding, roofs, and windows in their portfolio of socially rented properties spanning over 30 local authorities. By collaborating with NatWest Group’s ESG Advisory team to confirm the efficiency ratings of these planned upgrades, THG aims to provide its customers with reduced energy bills while simultaneously reducing emissions across their property portfolio.

Established in 2011 through the merger of six existing housing associations, THG has grown to provide support services to over 80,000 individuals and families in the region, becoming a significant employer employing more than 1,500 staff members. Judging from the perspectives shared by key figures involved in the deal, such as Judith Cruickshank, chair of RBS Scotland Board, and David Horne, director of housing finance at RBS, it is evident that this funding agreement signifies a pivotal moment for the social housing sector in the UK.

Judith Cruickshank expressed her pride in RBS being the pioneering lender in providing support to the UK’s social housing industry. She emphasized the importance of THG in delivering safe, comfortable, and affordable homes to a vast number of families and individuals who are poised to benefit from this new wave of investment. Similarly, David Horne highlighted the enduring partnership between RBS and THG spanning over two decades, showcasing their shared commitment to sustainable investments and cultural advancement.

Mark Dunford, executive director of finance and commercial at Together Housing Group, voiced the organization’s excitement in receiving this valuable funding, marking a significant stride in their quest to achieve ambitious net zero goals. He underscored the importance of resident-centric retrofit strategies aimed at enhancing energy efficiency for both current and future occupants. The collaboration between THG and The Royal Bank of Scotland is set to reinforce their relationship further and elevate climate change mitigation to a top priority for both entities.

Overall, this funding alliance between Together Housing Group and the Royal Bank of Scotland heralds a new era of sustainable retrofit initiatives in social housing, setting a precedent for future endeavours in the sector. As THG continues to champion energy-efficient living spaces and eco-conscious practices, the impact of this partnership is poised to ripple across the North of England, paving the way for a greener and more resilient housing landscape.