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Nationwide offers lower rates to fund green home improvements

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Written by: Shekina Tuahene
23/03/2021
The building society has cut further advance rates to 0.75 per cent for borrowers who are funding sustainable home improvements
Nationwide offers lower rates to fund green home improvements

Nationwide Building Society has reduced the rates on its green additional borrowing products by up to 1.8 per cent, up to 85 per cent loan to value (LTV).

All further advance deals from 60-85 per cent LTV now have rates of 0.75 per cent with the highest tier seeing a reduction from 2.55 per cent. The 60 per cent LTV product was previously 1.15 per cent.

The rates are the lowest the mutual offers for further advances, 2.24 per cent cheaper than its equivalent mainstream products.

The products have no fee and allow borrowing amounts between £5,000 to £25,000.

At least half of the loan must be used to fund sustainable home improvements such as the addition of solar panels, air source heat pumps and electric car charging points.

The loans are only available to existing mortgage members of Nationwide. They are currently available direct to customer but will be distributed through brokers soon at the same rates.

Henry Jordan, director of mortgages at Nationwide, said: “We hope by making significant cuts to the rate on green additional borrowing, we are giving our members real impetus to make their existing homes greener, while ensuring we continue to play our part in tackling climate change.

“With our green product offering our lowest ever further advance rate, we hope to see even more members look to benefit and make their homes more energy efficient in the coming year and beyond.”

He added: “We also realise that some members may look at their options via intermediaries, which is why we will start offering our green additional borrowing to brokers in the coming weeks.”

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