Archives: Faq

The minimum deposit is £25 per month and the maximum deposit is £250 per month, by Direct Debit only

Only one Direct Debit can be set up and we will collect payment from your bank account on the second working day of each month

The minimum withdrawal amount is £25

Two withdrawals are allowed in a calendar year

If you make three withdrawals in a calendar year we will close your account and transfer the whole balance, including accrued interest, to an Easy Access account

Following the closure of a Regular Savings account, you are not permitted to open a new Regular Savings account within 12 months of the closure date

Withdrawals should be requested by using a Withdrawal notification form or by sending us a letter signed by whoever is authorised to operate the account

Withdrawals can also be requested online via our Interactive facility (restrictions apply)

Withdrawals must be for a specified amount unless the account is to be closed

The minimum withdrawal amount is £250

If a withdrawal would take the account balance below the required amount to keep the account open (£500), the account will have to be closed

90 days’ notice is required for any withdrawal from your account. The notice period starts on the date we receive your signed request and we will send you a letter confirming the withdrawal due date. At the end of the 90 day period, we will process your request unless you have requested us to cancel it

If the notice period ends on a weekend or a bank holiday, it will be deemed to end on the last working day before and the amount to be withdrawn will become available from that date

Withdrawals can be requested by using a Withdrawal notification form or by sending us a letter signed by whoever is authorised to operate the account

The minimum deposit is £25

You can save monthly by Direct Debit or standing order

Deposits can be made by cheque through the post or by transfer via the banking system

Do you lend on moorings with a licence?

No we only lend on freehold or long term leasehold moorings with planning permission rights to moor a houseboat.

Do you lend for both the purchase of the mooring land and houseboat?

We only provide mortgage finance for the purchase of the mooring land.

Info to be supplied

For us to apply the C-Change sustainable homes or C-Change energy improvements discount, once your conversion is complete you need to provide an Energy Standard certificate and Architect or Building Control certificate.

The C-Change sustainable homes or C-Change energy improvements discount is only applied to our Standard Variable Rate from the date we receive evidence that the work has been completed and the Energy Standard rating required has been achieved.

How we work out your Variable Mortgage Rate:
Standard Variable Rate (SVR) minus C-Change Discount = Variable Mortgage Rate

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. We’re currently focusing on conversions that are aiming for Passivhaus or EPC B (SAP rating 85+) or above.

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.