"This new loan is the first product we are launching as part of our wider commitment to make £1 billion available to kickstart green home improvements."
The Green Additional Borrowing product offers rates from 1.00% to encourage people to 'greenify' their homes.
At least half of the product must be used to fund non-structural, energy-efficient home improvements, from solar panels and boiler upgrades to traditional insulation and electric vehicle charging stations. There are no restrictions on suppliers - members are able to select any national or local firm when making the improvements.
The loans are exclusively available to the Society’s mortgage members and offer rate reductions of up to 0.69% from Nationwide’s existing no fee, two and five-year fixed further advance rates. As a result, rates will start from just 1.0%, with no product fee.
Additionally, Nationwide is reducing rates on across its standard two, three and five-year fixed rate mortgages by up to 0.15%.
Henry Jordan, Nationwide’s director of mortgages, commented: “It’s becoming ever clearer there is an urgent need to reduce the carbon emissions from our homes. We believe meaningful incentives are the only realistic way to help people make their homes more sustainable, which is why we today launched our new Green Additional Borrowing product.
“This new loan is the first product we are launching as part of our wider commitment to make £1 billion available to kickstart green home improvements. In this case, existing Nationwide members can borrow up to £25,000 at highly competitive rates – this is up to 0.69% lower than our standard two and five-year fixed further advance rates.
“With more than 1.5 million homes on our mortgage balance sheet, we believe offering this new loan can make a real difference as we play our part in helping to tackle the climate crisis and help members to do the same.”
