Ecology Building Society has introduced mortgages specifically designed for home retrofit projects.
This retrofit version of Ecology’s range of C-Change mortgages is designed to incentivise and encourage borrowers to upgrade their homes to a better energy efficiency rating.
The mortgages are funded by members who save with Ecology, who want their money to be used to have a positive environmental impact.
Daniel Capstick, Ecology’s Mortgage Manager, said:
“Now more than ever it’s important that lenders play an active role in a sustainable recovery, helping to build back better. We’ve been leading the way on green mortgages for nearly 40 years and we hope that our new Renovation mortgage will incentivise more people to consider retrofitting their home, which will be critical in the fight against climate change.”
Russell Smith MD of Retrofit Works – a not-for-profit co-operative which was established to design, manage and deliver energy efficiency and environmentally-friendly retrofit schemes for homes – welcomed Ecology’s new mortgage.
He said: “The sheer scale of the retrofit task is huge requiring 27 million homes in need of upgrading. Ecology has been a long-standing provider of mortgages for whole-house retrofit and, given the desperate need for innovative finance, it’s good to see them renewing their focus on supporting renovations. We’d like to see other lenders joining Ecology, as part of a Government-led National Retrofit Programme, to ensure that finance isn’t a barrier to improving the energy of our homes.”
For information on Ecology’s mortgages for renovations and whole house retrofit, click here.
