Does Ecology require planning permission for my conversion project?
Yes. We need at least outline planning permission to start the application process and detailed planning permission before the mortgage is released.
What information do I need to progress a mortgage application?
You’ll need to have a specific property conversion in mind which needs to be supported by detailed plans, including a breakdown of material and labour costs and an indication of the Energy Standard you are converting to.
What deposit do I need for my conversion project?
You need a 20% minimum deposit to buy the property and a further 15% – 20% of total conversion costs to start your project.
Do I still need a deposit for my conversion if I already own the property and have planning permission?
No, you don’t always need a deposit; we can lend based on the value of your property to start the conversion, providing you already own the property and it’s mortgage-free. Also, we can help you repay any outstanding finance on the property if you need it.
Do borrowers who are planning to convert their property need to show how they plan to improve the property’s energy efficiency?
Any project we support needs to show planning details of the proposed conversion with an indication of the Energy Standard you are converting to, and how the project costs are expected to be funded with savings and mortgage finance. We don’t just lend to purchase the property.
How long do I have to complete the conversion?
Subject to planning constraints, we allow a maximum of 2 years for you to complete the conversion, although we encourage you to complete earlier to benefit from our C-Change discount (C-Change sustainable homes or C-change energy improvement). The applicable discount is applied to our Standard Variable Rate when we receive evidence that the work has been completed and the Energy Standard rating required has been achieved.
Do you offer stage payments for a conversion?
Yes, although the Ecology conversion mortgage does not release payments at set construction milestone stages. We release funds as and when the conversion progresses and release up to a percentage of the increased value of the property.
Can I have an interest-only mortgage during the conversion phase?
We offer an interest-only mortgage only when you have a qualifying repayment vehicle to support this for example an established ISA, endowment policies or Pension Plan.
Does Ecology require a particular build warranty on completion of my conversion?
A build warranty is not a mandatory lending requirement of our mortgage and we are happy with a Building Regulation Completion Certificate. However, if you wish to take out a build warranty for the completion of the property then this is acceptable to the Society.
Does the conversion property have to be my main residence?
Yes, although we do offer a buy-to-let mortgage. Please bear in mind that we don’t offer mortgages for second homes, holiday homes or homes classed as mobile planning.