Stoke-on-Trent residents could soon be able to access affordable home-improvement loans to help them make essential repairs and adaptations to their properties.
The loans, set to be offered under the Housing Renewal Assistance Policy 2021-2026, would be a major step to improve housing conditions across the city and could also help bring empty properties back into use.
The council’s ruling cabinet will decide next week whether to procure an external, regulated provider with the expertise to manage complex home‑loan products on the council’s behalf.
This will ensure residents receive professional financial assessments, independent advice and safe, well‑managed loans – while the council will retain full control over budgets, loan types and overall policy direction.
The loans will fall into three categories with borrowing amounts ranging from £5,000 to £30,000 for essential repairs such as roof works, heating failures, structural issues or improvements needed to reduce fuel poverty.
The new provider will administer the full portfolio, including financial checks, advice, loan monitoring and safeguarding residents from unaffordable borrowing.
Independent research commissioned by the council through the Financial Inclusion Centre found that a specialist provider model would deliver greater expertise, reduce regulatory and financial risks for the council, and ensure compliance with consumer credit rules.
If the procurement is approved, the appointed provider will work with the council to launch the improved loan service, with ongoing monitoring and annual reviews to ensure high standards and strong value for money.
Councillor Sarah Hill, Cabinet Member for Finance, Anti-Poverty and Corporate Services said, “we want to offer the highest standards as well as best value for money. The Housing Renewal Assistance policy has been carefully designed to ensure that residents can make essential upgrades to their homes as well as giving property owners the funds they need to bring empty properties back into use. Via the Loans, we can support residents to help reduce improve their homes, cut fuel poverty and prevent health issues which we know are linked to poor quality housing.”
