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£1bn boost for Yorkshire social housing

Yorkshire Building Society has announced that it will increase its social housing lending budget by £200 million each year for the next five years.

After a strategic review of the market and its existing social portfolio, the building society made the decision to increase lending to housing associations.

The society won several mandates in 2012, including a £12m deal to upgrade environmental and heating facilities for 1,800 properties on the Byker estate in Newcastle, and involvement in a £14.5m ‘Lending for Leasing’ facility for four new clients.

Yorkshire Building Society head of social housing John Inglesfield said: “We continue to see a stable and well-managed sector notwithstanding recent changes to the grant and benefit systems.

“As a mutual with the objective of helping our customers into homes, we feel comfortable with working with not for profit housing organisations which also aim to provide the housing people want and need.

“This increased allocation will provide the sector with access to lines of term credit to complement other sources of finance. We hope to work with new customers large and small in lot sizes from £5m to £50m.”

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