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Newbury BS backs energy-efficient self-builds with mortgage fee incentive

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  • 09/03/2021
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Newbury BS backs energy-efficient self-builds with mortgage fee incentive
Newbury Building Society has introduced a new incentive on its self-build mortgage to nudge borrowers into installing energy-efficient features.

 

The GoGreen Reward follows the launch of its GoGreen Further Advance product in July 2020, which offered additional lending to existing borrowers for climate-friendly home improvements at a lower interest rate.

The latest incentive applies to the society’s self-build mortgage — a three-year discount rate at 3.95 per cent, at up to 75 per cent loan to value.

The society will refund half of the application fee if an Energy Performance Certificate rated A or B can be evidenced within two years of the start of the self-build project.

The aim is to encourage borrowers to install sustainable and energy-efficient features into the build of their home.

“We’re excited to expand our green mortgage offering into the self-build sector. The UK has ambitious targets to reduce carbon emissions by 80 per cent by 2050. One of the most cost-effective ways to do this is by reducing energy use in the home,” said Roger Knight, lending manager at Newbury Building Society.

“The GoGreen Reward will encourage people to make their homes more energy efficient,” Knight said.

All self-build applications are assets on merit, with tailored underwriting and no credit scoring.

 

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