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Network Homes to offer credit to support leaseholders with building safety work costs

04 January 2021

Network Homes is doing all we can to access funding for essential safety work to our buildings that need it. But legally we may be obliged to require leaseholders to pay towards the costs of this work which we know might be substantially more than their usual annual service charge.

To help support leaseholders and shared owners manage their payments, we have obtained a licence from the Financial Conduct Authority (FCA)* to enable us to offer an interest free credit option arrangement to those affected. We’ll also be able to offer free debt advice.

We're still in the process of setting this service up which should be up and running in early 2021. We'll be providing further details to leaseholders and shared owners in the coming weeks.

More on support for building safety work costs

We’re also doing what we can to ask the Government to expand the size and scope of the current funding available, to support those with issues beyond cladding, and also those in buildings below 18 metres.

*FCA consumer credit arrangements are regulated by the FCA and any complaints arising from these arrangements by the Financial Ombudsman Service; Network Homes Limited, reference number FRN 919890, is authorised to provide Limited Permission lending and debt counselling on a not for profit basis. Details of our FCA permissions can be found on the Financial Services Register. 

Following coverage of this in Inside Housing on 22 January, please see our below statement: