Rates reduced and maximum loan size increased as part of range refresh

Ecology Building Society has refreshed its range of self-build and off-site build mortgages, with rate cuts and a new product.

The green lender is offering self-builders more choice with the launch of a new mortgage at 5.69% up to 65% LTV (loan-to-value). The rate on the existing 80% LTV self-build mortgage has been reduced to 5.89%.

Ecology also has increased the maximum loan size on its self-build mortgages, from £1 million to £1.25 million.

“We were founded to support people who wanted to live more sustainably and for more than four decades we’ve been known for our self-build expertise,” said Daniel Capstick, Ecology’s Senior Mortgages Product and Proposition Manager.

“As a purpose-led lender, we seek ways to maximise our impact so have launched this additional lower-LTV mortgage deal and increased maximum loan size to be able to support more borrowers.”

Ecology has also reduced rates on its two off-site build mortgages, to 5.69% and 5.99% for the arrear and advance drawdown options respectively.

As long-standing specialists in self-build, the mutual was the first lender to offer dedicated mortgages for off-site builds, also called Modern Methods of Construction. Off-site construction is growing in popularity and now accounts for more than half of all self-builds.

Ecology lends to a wide range of self-builders – from competent DIY approach and self-managed, through to fully managed by a main contractor – welcomes applications for homes built using non-standard methods of construction, including timber frame structures and those that use materials with low embodied carbon.

The Society’s innovative C-Change discount offers an incentive and a reward for Ecology borrowers to reduce their carbon footprint. The more they improve their home’s energy-efficiency, the greater the discount, saving up to 1.50% on their mortgage rate.

Visit the Self-build mortgage product page to find out more.

Your home may be repossessed if you do not keep up repayments on your mortgage.