Youngster reaches 50
Tuesday 16 March 2004
The Ecology Building Society, one of the UKs smallest, but fastest growing mutual Building Societies, is thrilled to announce that its assets now exceed £50 million!
The Ecology was born in 1981, a product of ten people who recognised a gap in the lending market for run-down properties. As such the Ecology specialises in lending on dilapidated dwellings in need of renovation, the conversion of redundant buildings, ecological self builds and properties of non-standard construction, especially timber. The Ecology aims to increase and improve sustainable housing stock within the UK by bringing derelict properties back in to use and financing low-energy new builds.
Further cause for celebration was the increase in gross lending, which exceeded £10 million for the first time, a 15.7% growth on 2002s figures. The surplus (profit) for 2003 also increased to £367,000 up 29% on 2002.
This was achieved in spite of the Society's move to their new purpose built, ecological Headquarters in November 2003. The new building is a showcase for the low-impact, sustainable building practices and materials that their lending supports.
This year will see completion of the final phase of the building works, with the addition of a Straw-Bale Meeting Room. The circular construction will be timber framed with straw-bale infill, a rendered exterior and reclaimed slate roof. It is detached from the main building and will be open for use by local community groups and schools, and provide a 'green' reference library and study area. The main building will also be fitted with photovoltaic cells, which will provide some of its electricity requirements and solar panels for water heating.
To mark the completion of the building, the Ecology is waiving its normal administration fee on residential mortgage applications received before the end of April 2004, a saving of £150 to applicants.
The Society's Chief Executive, Paul Ellis commented:
"There is a growing market for ecological homes that have been designed or renovated with thorough consideration of environmental impacts taken into account. The Ecology will continue to support initiatives for the wider application of green building practices, and we look forward to the next £50 million of asset growth."
The Society's mortgage and saving accounts are available nationwide, from their Yorkshire base. For further information please contact the Society on lo-call 0845 674 5566 or visit their website www.ecology.co.uk
