Social Housing Retrofit Loan

Barclays and the National Wealth Fund (NWF) are working together to accelerate the decarbonisation and delivery of quality improvements across social housing in the UK.

Purpose of the loan

Our term loan, 70% guaranteed by the NWF, is available to UK not-for-profit registered providers of social housing with the specific purpose of retrofitting their housing stock.

Eligible retrofit measures under this facility are aligned with Barclays’ Sustainable Finance Framework (SFF), examples of expenditures include the equipment and installation of technologies that improve energy efficiency (e.g. insulation) and reduce heating emissions.

Facility highlights:

Why a retrofit loan?

Financing is directly linked to retrofit plans

Ability to budget with confidence

Loan proceeds are to be used for one or more Eligible Projects (see Eligible Projects section).

What’s on offer?

Lending between £10m - £50m

5-year availability period

Up to 10-year unsecured GBP term loan

Up to 15-year GBP term loan with unsecured option in the first 5 years

Bullet repayment.

Who is eligible?

Not-for-profit registered providers of social housing (excluding Local Authority providers, see more information here^)

Borrowers requiring financing of eligible capital expenditure for retrofits.

Since 2017, Barclays has produced a Sustainable Finance Framework (SFF), which sets out our methodology for classifying sustainable financing for the purpose of tracking and disclosing our performance against our sustainable finance targets. The framework is reviewed periodically and we are committed to being transparent about our definitions and approach to reporting. Barclays has also published a Transition Finance Framework (TFF). This framework sets out our methodology for classifying financing as “transition”.

Together, qualifying financing activities under both the TFF and SFF are tracked and disclosed against our Barclays-wide target to facilitate $1 trillion of Sustainable and Transition Financing between 2023 and end of 2030.

Eligible Projects are aligned to our Sustainable Finance Framework for commercial and residential buildings:

Energy efficiency measures	Tank and pipe insulation Draught proofing Loft insulation Low-energy lights Insulation to existing envelope components with low thermal conductivity such as external walls, roofs, lofts, basements and ground floors (including measures to ensure airtightness and reduce the effects of thermal bridges) Cavity wall insulation Internal wall insulation Double / triple / secondary glazing Insulated render External wall insulation Energy efficient external doors Triple panel radiators (where appropriate and needed to make up efficiency shortfall to allow properties to be heat pump-ready) In-building works to allow for connection to district heating if in a relevant zone (heat interface units, pipes, valves, controls) Use of low-embodied carbon insulation materials like hemp or wood fibre, if compliant with PAS 2080 standards Building Automation measures such as occupancy sensors, daylight and other sensors, overall Building Energy Management Systems (BEMS) and energy management software.
Heating measures	Electric air source heat pumps Electric ground source heat pumps Heating controls Replacement of old pumps with efficient electric circulating pumps Installation and replacement of heating, ventilation and air conditioning (HVAC) and domestic hot water systems with more efficient low carbon systems Electric boilers/heaters.
Renewable energy generation	Solar hot water Solar photovoltaic Rainfall capture Battery purchase and development.
Resilience measures	BS 851188 standard products to enhance resistance to flooding such as flood doors and windows or demountable barriers Measures to enhance resilience to flooding such as resilient wall and floor finishes Resilient insulation Measures to enhance resistance to heatwaves such as external shutters External insulation.
Water efficiency measures	Indoor water efficient fixture and fittings Outdoor water efficient landscaping.
Services and survey work	Purchase and installation of energy efficient equipment and technology Heat network readiness works Collaboration financing of connecting to a wider district heating schemes based on renewable sources Provision of infrastructure for electric vehicles EPC / SAP Surveys pre / post as direct ancillary costs to the project.

We’re pleased to be partnering with the NWF, to provide an extension of our existing sustainable financing product suite to our clients. It offers the longer term solution needed to deliver client retrofit plans whilst supporting our own sustainability commitments to align our financing with net zero and support the transition.

Jason Constable

Head of Real Estate, Barclays Corporate Banking

Who are the National Wealth Fund?

The UK Infrastructure Bank (UKIB) became the National Wealth Fund (NWF) on 14th October 2024. The new NWF will expand UKIB’s remit beyond infrastructure in support of the Government’s industrial strategy. With additional financial capacity and an enhanced risk budget, the NWF will be capitalised with £27.8bn to mobilise private capital around the Government’s strategic priorities, enabling the market to invest with confidence in clean energy and growth industries. The NWF is wholly owned by HM Treasury but is operationally independent from government. The development of this guarantee product with Barclays UK Corporate Bank forms part of ongoing efforts to improve financing to the social housing sector, a fundamental pillar of the Government’s warm homes plan.

We know there are significant barriers to investment in the heat and buildings sector, despite it being a critical element of the UK’s net zero transition. By working with Barclays UK Corporate Bank to bring a competitive offer to the market, we are helping registered providers access the attractive financing that they need to implement critical retrofit measures, reducing bills and improving comfort for social housing residents across the UK.

John Flint

CEO, National Wealth Fund

The product referred to on this website are subject to the same terms and conditions as term loan lending. Please therefore also refer to the Corporate Lending webpage in addition to the below.

The NWF-backed guarantee will be taken into consideration when calculating the pricing for this product. The NWF guarantee does not reduce the liability of the borrower under the Retrofit Loan and the borrower will remain responsible for 100% of the sums borrowed.

Interest rates and fees charged by Barclays will vary and will depend on the specific lending proposal.

Provision of this facility is at the sole discretion of Barclays and will be subject to our standard credit and fraud checks.

This product does not require that you hold a Barclays Business Current Account.
Corporate Lending

Industry

Barclays Social Housing Retrofit Loan Brochure PDF (1.2MB)