Oldham-based housing association completes £110m refinance

FCHO said the funding will be used to build at least 600 more affordable properties and refurbish thousands more.

The new build homes will be for a mix of tenures, including social rent, affordable rent and shared ownership.

The landlord said the funding will support its retrofit programme to bring all its homes to Energy Performance Certificate (EPC) C by 2030.

FCHO has already earmarked some of the funding to deliver 147 affordable energy-efficient properties with developer Vistry Group at Southlink, a brownfield site in Oldham town centre. The project is the housing association’s largest to date and remains subject to planning approval.

According to its results for 2024-25, during the year FCHO invested £20.5m in building 156 new homes and spent £30.7m on repairs, maintenance and compliance.

The housing association said it retrofitted 470 homes in 2024-25 and ultimately brought a third of its housing stock up to EPC C.

Andy Ewart, executive director of corporate services at FCHO, said the landlord is “delighted” by the agreement with its long-term partner Santander UK.

“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,” Mr Ewart said.

He added: “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, which includes delivering more properties for social rent to directly support government ambitions for social and affordable housebuilding.

“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.”

Robert Simmons, relationship director at Santander Corporate and Commercial Banking, said: “We are pleased to provide FCHO with a £110m refinancing package. The increased loan will [help] 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.”

Trowers & Hamlins served as FCHO’s lawyers, while Addleshaw Goddard acted for Santander.

The housing association retained its top G1/V1 regulatory grades in December.

According to its financial results for 2024-25, FCHO posted a pre-tax surplus of £11.1m, a slight drop from £11.2m in the previous year.