Friday 16 July
The National Housing Federation, trade association for housing associations in England, is piloting a new affordable loans scheme in partnership with cdfa member East Lancs Moneyline.
The My Home Finance scheme aims to open up to 11 branches in the West Midlands area by the end of the year, based in high streets and shopping centres.
The scheme, supported by the Department for Work and Pensions and the Royal Bank of Scotland, will offer customers loans at an initial APR of 29.9 per cent, as well as a bank account and home contents insurance.
If the pilot is a success, the Federation plans to expand the scheme to other areas of England, and it is hoped that it will deliver 150,000 loans over the next 10 years.