New product supports energy efficient self-builders and renovators
Suffolk Building Society has launched a new eco self-build mortgage product to encourage construction and renovation of more energy efficient homes.
The eco self-build and renovation two-year discount 6.09% (SVR minus 2.60%) product has a lower interest rate than the standard self-build product and come with a £500 reduction on the standard £1,499 completion fee.
The new product is available up to 80% loan-to-value (LTV) with a maximum loan size of £1 million.
The mutual said it will also offer all new, or existing, self-build borrowers and renovators a lower interest rate follow-on product if the resulting property has an energy performance certificate rating of ‘A’ or ‘B’. It will also waive early repayment charges for all self-builders and renovators who switch to a follow-on product.
Have you got a customer looking to build or renovate an energy efficient home which will have an EPC rating of A or B? We’ve introduced a new eco self-build two-year #mortgage product! 👀
— Suffolk Intermediaries (@suffolk_broker) November 1, 2023
Find out more on our website: https://t.co/5dmE1E9ycN#SelfBuild #EcoSelfBuild #Renovation pic.twitter.com/uUQUswK1wj
“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,” said Andrew Sadler, key account manager at Suffolk Building Society.
“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.”
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