Nationwide is this week introducing cheaper rates for borrowers who are making their homes more environmentally friendly.
The lender – the world’s biggest building society – says it is fulfilling its pledge to reduce the carbon footprint of UK homes.
The new ‘Green Additional Borrowing’ product must be used to fund sustainable enhancements such as solar panels, electric car charging points, and insulation.
The new loans are available exclusively to Nationwide’s mortgage members and offer reductions of up to 0.69% on Nationwide’s existing no fee, two and five-year fixed further advance rates.
As a result rates will start from 1%.
With the new Green Additional Borrowing, members can borrow between £5,000 and £25,000 up to a maximum 90% LV.
At least half of the loan must be used to fund non-structural, energy-efficient home improvements. There are no restrictions on suppliers, and borrowers can use firms of their own choosing.
Huh. This isn’t actually a bad idea… I’ve been toying with the idea of solar panels but I’ve always thought they are quite expensive. As no-one seems to give a quote without coming to the house and doing a sales pitch I have never really investigated too deeply…
I have also got concerns over the insurance and fire-risk created by them, as the section of the roof they would be placed on is directly above my childrens bedroom and there isn’t a lot of loft space.
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