Hold out for new iron lining (5)
I believe the answer is:
offer
'hold out' is the definition.
(I've seen this before)
'for new iron lining' is the wordplay.
'new' indicates anagramming the letters.
'iron' becomes 'Fe' (chemical symbol for iron).
'lining' is an insertion indicator.
'for' anagrammed gives 'ofr'.
'ofr' enclosing 'fe' is 'OFFER'.
(Other definitions for offer that I've seen before include "Chance to buy at reduced price?" , "Expression of willingness to pay or give" , "Hold out, tender" , "Tender or propose" , "Volunteer -- proposal" .)