FCHO propose to build more affordable properties as part of a £110 million funding deal

First Choice Homes Oldham (FCHO) will build at least 600 more affordable properties and refurbish thousands of its existing homes following a £110 million funding deal with Santander UK.

The increased financial capacity from the bank is a boost to the housing supply in Oldham and the surrounding areas.  

Affordable, high quality, energy efficient and much-needed family homes – many for social rent – are planned by the housing association in the years to come. 

The 11,500 existing FCHO properties are scheduled to be upgraded with energy efficiency measures, using the new funding, FCHO explained.  It means all will have at least an Energy Performance Certificate (EPC) C rating by 2030. 

“We are delighted by this agreement with our long-term partner Santander UK,” said FCHO executive director of corporate services Andy Ewart. 

“It reflects great confidence in FCHO’s robust plans for accelerating the supply of much-needed new homes, improving existing ones and continuing to make a difference in our communities. 

“We value Santander UK’s continued support and expertise as a leading UK and global banking partner. The funding will support delivery of FCHO’s homes strategy 2025-2028 that includes delivering more properties for social rent to directly support government ambitions for social and affordable house building. 

“We also need to ensure FCHO’s existing housing stock is fit for the future and meets the needs and aspirations of customers through improved energy efficiency to cut carbon emissions and help reduce energy bills.” 

Mr Ewart explained: “These are exciting times for FCHO. We are demonstrating we can help address the housing crisis in the area by having real ambition and the financial tools to deliver on it.” 

Robert Simmons, relationship director at Santander Corporate and Commercial Banking, added: “We are pleased to provide FCHO with a £110 million refinancing package.  

“The increased loan will support FCHO to deliver urgently needed new homes in Oldham and the surrounding area and contribute to its retrofitting objectives.  

“Having supported FCHO since its formation in 2011, our partnership has grown from strength to strength, and we look forward to helping the team continue making a real impact on the local community.” 

FCHO has already earmarked some of the funding to deliver 147 affordable and energy efficient properties with developer Vistry Group at Southlink - a key brownfield site in Oldham town centre.  

The project is the social housing provider’s biggest to date and remains subject to planning approval.