Ethical lender Ecology Building Society, which specialises in providing mortgages for environmental building, has increased their maximum loan-to-value for renovations of existing properties to 90%.
The maximum was previously 80% and the move represents their bid to help more borrowers renovate their homes to a high environmental standard.
Ecology offers mortgages for renovation and retrofit projects where the energy efficiency of the property is being extensively improved.
With the increased maximum loan-to-value, Ecology can now lend up to 90% of the purchase price or current value of the property – whichever is the lower – subject to status.
If funds are required for the renovation, payments of up to 90% of the value can be stage released as the works to the property progress.
Once the works have been completed borrowers may qualify for one of Ecology’s innovative C-Change discounts which are based on the Energy Standard rating achieved.
Daniel Capstick, Ecology’s mortgage manager explained the move, said: “We recognised that increasing the maximum loan-to-value for our renovation mortgages would help more people who wish to see the benefits of renovating and retrofitting their homes. Improving the energy efficiency of the UK’s existing housing stock will be key to reducing our carbon emissions as we build a greener society.”
Ecology’s mortgages for renovations and retrofits are available direct from Ecology or through intermediaries.
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