"These new products have been specifically designed with that in mind, incentivising self build borrowers and renovators to build more energy efficient properties by rewarding them with reduced rates and fees"
- Andrew Sadler - Suffolk Building Society
Suffolk Building Society has announced the launch of a new eco self-build mortgage, featuring a lower interest rate than its standard self-build product and a £500 reduction on the completion fee.
According to the society, it will also offer all new, or existing, self-build borrowers and renovators a lower interest rate follow-on product (compared to the standard retention range) if the resulting property has an Energy Performance Certificate rating of A or B.
As part of its dedication to championing self-builds, the Society will waive Early Repayment Charges for all self-builders and renovators who switch to a follow-on product, to enable them to benefit from a more competitive rate after their build is complete.
New eco self-build 2-year product:
- Eco Self Build & Renovation 2-Year Discount 6.09% (SVR minus 2.60%) - £999 Completion Fee (standard self-build discount is 6.19%, £1,499 fee)
- The product is for self-builders and renovators who intend to build or renovate a property to an EPC rating of A or B, which includes at least two of the following qualifying energy-efficient features:
Photovoltaics, solar panels, air source heat pump, ground source heat pump, rainwater harvesting, greywater collection, triple glazing, mechanical ventilation with heat recovery system, biomass pellet boiler, wind turbines, higher than usual levels of thermal insulation, geothermal heating, compostable toilet or electric car charging stations.
These features will need to be evidenced in the plans/costings.
- The product is available up to an 80% LTV and with a maximum loan size of £1m. The application fee is £199 and the completion fee is £999 (£500 lower than the Society’s standard self-build product).
In addition to this, the society is also offering a discounted follow-on product at 25bps lower than its residential retention products, for all self-builders and renovators if their finished build has an EPC rating of A or B.
Andrew Sadler, Key Account Manager at Suffolk Building Society said: “At Suffolk Building Society, we are committed to being carbon neutral in our own operations by 2030, but we also want to support our members to improve their own energy efficiency.
“These new products have been specifically designed with that in mind, incentivising self-build borrowers and renovators to build more energy-efficient properties by rewarding them with reduced rates and fees.
“We’ve always aimed to make self-build projects attractive, operating flexible stage payments, as well as lending on the land purchase, so we’re pleased to be taking this a step further.”
