The Government has launched a new scheme offering money to help homeowners make their homes more energy efficient.
The Green Homes Grant scheme provides homeowners with a voucher worth up to £5000 – or £10000 for low-income households – to help cover the costs of making energy efficiency improvements to your home.
This scheme complements our renovation mortgage offering, particularly for extensive retrofits and significant energy improvements.
For more information, please see our news article which explains how the scheme works and how you can apply for a grant.
We’re committed to always giving you the best service that we can, with over 95% of Ecology borrowers rating us as very good or excellent.
You can speak directly to our dedicated team of specialist mortgage advisers who are experts in renovations and retrofits. We consider every project on a case-by-case basis and have extensive experience in non-standard properties, energy efficiency improvements and ecologically sound building practices.
The Financial Conduct Authority (FCA) has laid down detailed rules about the service we must offer on regulated residential mortgages. Under these rules, we will provide you with advice and a recommendation on which of the Society’s products is most suitable for you, based on your needs, preferences, and affordability.
We’ll lend money to help you buy and renovate the property.
Normally, we’ll release up to 90% of the purchase price or value of the property and subsequently, the money required for the renovation costs. As you continue with your renovation, staged payments of up to 90% of your increased property value will be released – this will help you keep tabs on your budget and planning.
This type of mortgage may be suitable if you are able to make a cash deposit on your property and fund the early stages of the build. We normally recommend 15% to 20% of your total budget as a good starting point to begin your renovation.
Once your renovation is complete and the energy efficiency of your property is improved, we can lower your interest rate through our C-Change discounts.
If you’re planning to bring a derelict property back to life, we’re here to help.
You may have found that some high street lenders can only offer a mortgage on habitable properties. This approach makes it hard to find the necessary funding to complete extensive renovation projects.
At Ecology, we’re not put off by the condition of the property; your project may be a shell without a roof or a historic building that has fallen into disrepair over the years. So, as long as the works required improve the energy efficiency of your building, we’ll consider lending.
We’ll look at:
- Buildings in a derelict condition
- Historic or listed buildings
- Fire damaged buildings
- Non-standard construction types, such as timber framed or thatched roofs
Our mortgages are available in the UK (England, Scotland, Wales and Northern Ireland).
In a young person’s name (16-17 years old)
An account can be opened by a young person aged 16 or 17 with a cheque or a payment from an account in their name.
Alternatively, a parent or relative can provide:
- a cheque (drawn on their own personal current account);
- a bank or building society cheque (supported by an investment account statement from the relevant bank or building society); or
- a bank transfer from an account.
A covering letter must also be provided confirming the money is being given to the young person and how they are related.
We will need to verify the identity and address of the young person. For details of how this is done, please read the Savings account identification requirements leaflet.
On behalf of a child (as a trustee)
An account can be opened by a parent or relative as a trustee for a child of any age if the parent or relative makes an initial deposit from an account held in their name. Applicants (the parents or relatives) must each have their identity verified in accordance with the information provided in the Savings account identification requirements leaflet specified for individual’s identification requirements. The application should be accompanied by a Birth/Adoption certificate (original only), NHS Medical Card or National Insurance notification letter.
Our 90-Day Notice savings account is available only to existing Ecology members (child or trustee) who have continued to be members since 7 February 2020.