Assets grow to £55 million
Thursday 31 March 2005
There is no stopping Ecology Building Society, who have just published their annual accounts showing growth in total assets to £55 million at the end of 2004, an increase of over 9% on 2003's year-end.
Yorkshire-based Ecology is proving that green consumerism is soaring with gross mortgage lending reaching a new high of £10.5 million last year. A reduced number of redemptions in 2004 helped the Society to achieve a new record net lending figure of over £5.7 million. There was a 17% growth in new mortgage advances in 2004 compared to 2003. Mortgage completions in October were exceptionally high reaching an all-time monthly lending record, in excess of £1.6 million.
The Society specialises in ethical savings accounts which fund green mortgages for properties offering an ecological payback. Such properties include neglected, run-down buildings which can be renovated or converted to be brought back in to use, as well as energy-efficient new homes constructed on an ecological basis. Renovation projects represented the highest number of new mortgages in 2004, with 39% of new cases being for the repair and restoration of run-down or derelict properties. Ecological new builds also featured strongly and projects included earth-shelters, timber constructions and energy efficient eco-homes. Mortgages provided for conversions helped to rescue derelict properties including barns, stables, a chapel, a church, an oast house and a windmill!
Ecology's Chief Executive, Paul Ellis comments:
"We are particularly pleased to have recorded an increase of 16% in new advances during 2004. This reflects the heightened awareness that urgent action must be taken to mitigate the effects of climate change, and consequently we can expect our mortgage advances to continue to grow substantially."
To celebrate its success the Society is waiving its usual administration fee of £150 on new residential mortgage applications received between now and 16 May 2005. In addition mortgage applications where the funds are being used to install renewable energy systems, such as solar panels, photovoltaic cells or a wind turbine, also qualify for a valuation fee refund on completion. These fees are also being waived for existing Ecology borrowers who apply for Further Advances for this purpose.
Please contact the Society on 0845 674 5566 or visit their website at www.ecology.co.uk for further details on their range or savings accounts and mortgages.
