Mutual will now lend up to £2 million at 80% LTV
Homeowners and purchasers focused on property renovation have more choice after Ecology Building Society added a new larger loan product to its mortgage range.
The Society will now lend up to £2 million for renovation mortgages up to 80% LTV (loan-to-value), up from £1.25 million.
Ecology’s Renovation 80% Large Loan mortgage has a 5.59% variable rate, with no early repayment charges.
Daniel Capstick, Ecology Building Society’s Senior Product and Proposition Manager – Mortgages said:
“We identified a gap for larger loans for home renovation so have increased the maximum we’ll lend on up to £2 million for higher-value properties and more significant projects.
“Ecology is well-known as a specialist in the renovation mortgage market with more than four decades of experience to share with borrowers and brokers.
“The absence of this kind of home loan was a catalyst for our founders to set up the Society back in 1981 and we continue to develop our range for this sector – last year we added a renovation mortgage for borrowers wanting to carry out green home improvements rather than a more extensive retrofit.
“As we were founded to support people wanting to live more sustainably, we continue to offer Ecology borrowers an incentive to cut their home’s carbon footprint. All our renovation mortgages come with our C-Change discount, which can take up to 1.50% off their mortgage rate as recognition for how they’ve improved their home’s energy efficiency.
“When fuel costs keep rising and prices remain volatile, making these improvements to your home should also save money on your bills.”
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