'Affordable' loans being considered to improve homes in Stoke-on-Trent

Residents of Stoke-on-Trent might soon have access to affordable home-improvement loans for essential repairs and adaptations.

Under the proposed Housing Renewal Assistance Policy 2021-2026, the loans could include interest-free options.

These financial products are aimed at improving housing conditions, revitalising empty properties, and supporting essential adaptations for people with disabilities.

The council’s ruling cabinet is set to decide next week on procuring an external and regulated provider to manage these complex home-loan products.

The provider would offer professional financial assessments, independent advice, and manage well-organised loans, while the council would maintain control over budgets, loan types, and overall policy direction.

Independent research conducted with the Financial Inclusion Centre indicates that using a specialist provider can enhance expertise and mitigate regulatory and financial risks for the council.

If approved, the appointed provider will collaborate with the council to launch the improved loan service, ensuring high standards and value for money through ongoing monitoring and annual reviews.

Councillor Sarah Hill, Cabinet Member for Finance, Anti-Poverty and Corporate Services, emphasised the goal of offering both high standards and value for money in delivering home-improvement loans.

She noted that the Housing Renewal Assistance Policy is designed to enable residents to make essential home upgrades and help bring empty properties back into use, potentially reducing fuel poverty and preventing health issues linked to poor housing quality.

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