Newbury Building Society has introduced a green additional borrowing mortgage product for customers who want to make their homes more energy efficient.
The green mortgage product rewards existing borrowers who want to take additional borrowing to fund home improvements with a lower interest rate.
To be eligible, borrowers must intend to use at least half of the funds for one or more environmentally friendly home improvements.
The GoGreen further advance product options include a five-year discount at 1.49 per cent which is from 0-60 per cent loan to value (LTV) and another five-year discount at 1.59 per cent, from 0-75 per cent LTV.
The minimum and maximum loan amounts are from £2,500 to £39,999.
This product was developed in response to the chancellor’s announcement of a £5,000 grant to homeowners looking to make greener renovations to their homes.
Karen Smith, sales manager at Newbury Building Society, said: “More of us are becoming increasingly aware of our impact on the environment and are seeking ways to reduce our carbon footprint.
“One way of doing this is to encourage homeowners to make energy efficient changes to pre-existing homes, not just new-build investments.”
She added: “Our GoGreen further advance incentivises existing borrowers to improve their energy performance certificate to help combat climate change.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
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