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Newbury Building Society has introduced a green additional borrowing mortgage product for customers committed to improving the energy efficiency of their property - the Society’s first step into offering eco-driven financial solutions.
The new green mortgage product, which follows the Chancellor’s recent announcement of the £2bn Green Homes Grant scheme, rewards existing borrowers who want to take additional borrowing to fund energy efficient home improvements with a lower interest rate.
The green further advance minimum and maximum loan amounts are from £2,500 to £39,999.
To qualify for the further advance, borrowers must use at least 50% of the funds for one or more environmentally friendly home improvements such as insulation, double glazing and solar panels, amongst others.
You can apply for the Green Homes Grant from the 30 September 2020 – vouchers will cover two-thirds of the cost of eligible improvements, up to a maximum government contribution of £5,000 per household.
But be quick! You must redeem the voucher and ensure improvements are completed by 31 March 2021.
Karen Smith, Sales Manager at Newbury Building Society said: “More of us are becoming increasingly aware of our impact on the environment and are seeking ways to reduce our carbon footprint. One way of doing this is to encourage homeowners to make energy efficient changes to pre-existing homes, not just new builds investments. Our GoGreen further advance incentivises existing borrowers to improve their EPC to help combat climate change.”
Please note, at present due to Covid19 social distancing measures, mortgage appointments are available by telephone.
Discover more about the Society's approach to green initatives here.
Please note: mortgage approval is subject to status checks.
Rates stated correct as of September 2020.