Ecology mortgage update
- Lower rates
- Higher Loan to Value
- Administration fee waived - saving £150!
The Ecology Building Society is pleased to announce the reduction of its residential mortgage rate to 6.75% with effect from 1 June 2001, in response to the rate reductions made by the Bank of England in April and May 2001.
Residential borrowers with the Ecology qualify for a 0.5% discount in their first year. After four years borrowers qualify for a 0.25% discount off our variable rate for the remainder of the mortgage term. This gives long-term Ecology borrowers a rate payable of 6.50% at current rates a highly competitive figure given that other lenders shy away from the types of property the Ecology lends on.
"We are aiming to provide long-term protection for the environment and long-term value for our borrowers", says Ecology Chief Executive, Paul Ellis. Renovating a derelict house or building a new one with low impact materials is ecologically much better than building a conventional brick house.
90% Loan to Value residential mortgages introduced
The Ecology normally lends up to 80% of valuation with no MIG premium payable. Now, however, the Society is able to consider loans up to 90% of valuation on renovation mortgages and 85% on self-build cases. Again, no MIG premium will be payable, although loans over 80% will not qualify for the 0.5% first year discount. The 0.25% long-term discount would still apply.
"Offering a higher loan to value will enable more people to consider renovating or converting a property", continues Ellis. "Such borrowers lose their 0.5% discount, but we feel this offers better value than charging a more expensive MIG premium."
Administration fee waived
For all residential mortgage applications received before 31 July 2001 the Ecology has announced that it is waiving its usual administration fee of £150.
Details of Ecology mortgages are available on our website at www.ecology.co.uk or by calling the Mortgage Department on 0845 674 5566.
