The bank’s green additional borrowing is supported by its energy saving improvement tool which has been developed in partnership with the Energy Saving Trust, to help consumers find ways to save money on their energy bills and become more sustainable.
Eligible Co-operative Bank, Britannia and Platform mortgage holders can use the bank’s tool to create a personalised energy saving improvement plan and access a green additional borrowing product.
The Co-op’s products are available with no fee, either a two or five-year fixed term, at 60 to 85 per cent loan to value (LTV) with interest rates starting at 2.94 per cent.
Borrowers also need to use the energy saving improvement tool to generate a plan, which they can use as evidence, to ensure they use at least 50 per cent of the loan on renovations to make their home more sustainable.
The tool is free to use and gives consumers advice on how to make their home more energy efficient.
It provides a list of improvements that can be made to reduce energy bills, carbon emissions or raise the property’s Energy Performance Certificate (EPC) rating.
The tool can then provide an estimated cost for making the changes with flexibility allowing plans to be tailored based on the customer’s budget, which can be downloaded or sent via email as a PDF.
John Ward, director of products at The Co-operative Bank, said: “It is clear that climate change is a major worry for UK consumers and a concern we share with our customers. Tackling this important issue continues to be a priority for us and why we have launched our green additional borrowing products, supported by our new energy saving improvement tool.
“These two initiatives work together to help customers identify where they make investments to improve their home that will have the most benefit to the environment whilst also reducing their energy usage which in turn could mean lower bills at a time when costs are increasing, but also reducing this for the longer term.”
Mark Foskett at the Energy Saving Trust, added: “We’re delighted to have worked with The Co-operative Bank to create the online energy saving improvement tool for their customers. Now is a crucial time to support homeowners with long-term energy efficiency recommendations, allowing them to take action on climate change while saving them money on energy bills.”
