Glasgow-based landlord secures £25m RCF

Maryhill said it will use the funding to replace old storage heaters in more than 600 homes with new high heat retention technology, which it said will allow tenants to be “less susceptible to fluctuating energy bills”. 

The social landlord will also use the funding to help it build 16 new energy-efficient homes for social rent in Glasgow, which are due to be completed this summer. 

Bryony Willet, chief executive of Maryhill Housing Association, said: “Funding from Royal Bank of Scotland is invaluable in allowing us to refurbish more homes quicker, and create new builds that are not only fit for service, but fit for building a life in.”

The RCF from RBS comes after NatWest Group, which RBS is a part of, set out its plans in March to provide £5bn of lending to UK housing associations over the next three calendar years.

Alan Newlands, relationship manager at RBS, said: “As a part of Royal Bank of Scotland’s commitment to invest £5bn to tackle the housing crisis, we wanted to support Maryhill Housing Association in its continual strive to improve the efficiency of its homes for its tenants.

“Both retrofitting and new construction are crucial in tackling the pertinent issues in the housing sector within Scotland and we are keen to help registered social landlords tackle such issues.

“Together with Maryhill we have built a strong relationship dating back to 2003, and over that time we have seen the investment and care [it puts] into projects to help its customers.”

According to its 2022-23 financial results, Maryhill posted a pre-tax surplus of £1.7m, a drop from £2.4m in the previous year.