"For many, the benefits of green home improvements are twofold; they bring down energy costs in the home and help upgrade a property’s energy performance rating."
- Chris Pickstone, head of mortgage strategy at Furness
Furness Building Society has introduced a range of green further advance mortgage products, available to homeowners and landlords specifically seeking to improve the energy performance of their property.
Further advance loans typically enable applicants to carry out home improvements by borrowing more against their home through their existing mortgage.
Furness’ new range is for those with environmental aspirations and rewards the installation of solar panels, heat pumps and insulation and more with beneficial interest rates.
Loans range from £5,000 to £40,000 and products are fixed at either two or five years with no product fee.
Residential products include a two-year fixed rate at 4.29% and a five-year fix at 3.99%, available up to 95% LTV. Buy-to-let rates include a two-year fix at 4.89% and a five-year fix at 4.38%, available up to 75% LTV.
Loans will be considered for those considering implementing solar panels, traditional cavity wall, loft or solid floor insulation, heat pumps, double/triple glazing, electric car charging point, electric storage batteries, hot water tanks, thermostatic radiator valves, a new boiler, or utilities upgrades.
Chris Pickstone, head of mortgage strategy at Furness Building Society, commented: “We have created these products to support our customers in their efforts to become more environmentally-friendly.
“Whether driven by energy prices or the urgency of climate change, increasing numbers of homeowners and landlords are seeking out green mortgage products to finance or reward home energy efficiency measures.
“For many, the benefits of green home improvements are twofold; they bring down energy costs in the home and help upgrade a property’s energy performance rating.
“Bringing to market new and competitive green mortgage products is also a valuable way we can support the efforts to reduce the UK’s carbon footprint and contribute to the journey to net zero.”
