New Renovation Mortgage12 February 2021
We’ve enhanced our range of green mortgages for renovations and whole house retrofit in a drive to accelerate the improvement of energy efficiency of existing homes to help meet the UK’s net-zero carbon ambitions.
Our new variable rate Renovation mortgage reinforces Ecology’s position as a leading specialist provider of mortgages for whole-house retrofit and will help address the colossal challenge of retrofitting the UK’s 27 million homes to reach our Paris climate change targets. This retrofit version of Ecology’s pioneering range of C-Change mortgages is designed to incentivise and encourage borrowers to upgrade their homes to a better energy efficiency rating.
The decision to introduce the new Renovation mortgage comes at a time when the Government is recognising the urgent need to retrofit the UK’s existing homes to support a green recovery and build back better. As well as supporting the transition to a low carbon economy, retrofitting our homes could create up to half a million green jobs. In addition, the UK Government’s Green Homes Grant Scheme may also be available for properties in England and complements the Renovation mortgage where qualifying work is being undertaken and borrowers can secure a grant to help cover the costs of improving the energy efficiency of their home.
Our mortgages are funded by our members who save with Ecology in the confidence their money is being used to have a positive environmental impact.
Daniel Capstick, Ecology’s Mortgage manager explains,
“Now more than ever it’s important that lenders play an active role in a sustainable recovery, helping to build back better. We’ve been leading the way on green mortgages for nearly 40 years and we hope that our new Renovation mortgage will incentivise more people to consider retrofitting their home, which will be critical in the fight against climate change.”
Russell Smith MD of Retrofit Works a not-for-profit co-operative which was established to design, manage and deliver energy efficiency and environmentally-friendly retrofit schemes for homes, welcomed Ecology’s new mortgage,
“The sheer scale of the retrofit task is huge requiring 27 million homes in need of upgrading. Ecology has been a long-standing provider of mortgages for whole-house retrofit and, given the desperate need for innovative finance, it’s good to see them renewing their focus on supporting renovations. We’d like to see other lenders joining Ecology, as part of a Government-led National Retrofit Programme, to ensure that finance isn’t a barrier to improving the energy of our homes.”
For information on Ecology’s mortgages for renovations and whole house retrofit, click here.