For those people who have a mortgage with Nationwide Building Society and want to improve the energy efficiency of their home, the lender has launched a further borrowing product – Green Additional Borrowing.
Existing Nationwide mortgage customers wanting to fund non-structural, energy efficient home improvements from a list of acceptable measures will be able to get a 0.5 per cent interest rate reduction on the society’s existing range of two-year fixed and tracker further advance rates. This will mean that rates, including the discount, will be available from 2.29 per cent.
Customers can borrow between £5,000 and £20,000 up to a maximum loan-to-value of 85 per cent and there is a £99 booking fee.
By opting for Green Additional Borrowing customers have an open market choice of suppliers giving them the opportunity to select a national brand or a local firm, whichever they prefer.
Homeowners looking for ways to improve efficiency can consult Nationwide’s Green Home Guide.
Tracie Pearce, head of group mortgages at Nationwide, said: “Energy bills continue to rise and many customers are looking to make energy efficient home improvements to try to reduce their bills in the longer term.
“We see this product as complementary to the Green Deal, which we have welcomed. Green Additional Borrowing offers an alternative way of funding larger home improvements and can be used if the customer’s preferred approach does not meet all the Green Deal requirements.”
Green Additional Borrowing can be used to fund:
- Air source heat pumps
- Biomass
- Cavity wall insulation
- Double glazing
- Draught proofing
- Floor insulation
- Ground source heat pumps
- Heating controls
- Loft insulation
- Rated boiler installation
- Small scale hydro
- Small scale wind turbine
- Solar PV
- Solar water heating
- Solid wall insulation
- Tanks and pipe insulation
