Developed in conjunction with the Energy Saving Trust and Ecofirst, the product's aim is to reward existing mortgage customers who are actively trying to reduce the carbon footprint of their homes.
It does this by providing access to a special rate on additional borrowing to fund ‘green’ improvements to their homes.
Benefits include:
- A rate linked to base rate for the lifetime of the loan
- Discounts on any green improvements made with Ecofirst
- Free and impartial advice on how to improve energy efficiency within the home
As houses are one of the largest sources of carbon dioxide emissions in the UK, all mortgages from the Co-operative Bank currently include an annual donation to Climate Care, which enables one fifth of the average home’s annual carbon dioxide emissions to be offset. However, this new product now goes one step further by actually helping to encourage customers to further reduce their CO2 emissions.
Paul King, chief executive of the UK Green Building Council adds: “Homes are responsible for over a quarter of our CO2 emissions, so if we’re going to tackle climate change we have to start at home. The UK Green Building Council congratulates the Co-operative Bank for launching the new product.
“Schemes such as this, which make energy efficiency improvements easier and more affordable, are vital if we are to get to grips with the UK’s energy-hungry and carbon-intensive housing stock. And ultimately, reducing energy not only helps save the planet, it also helps save the home-owner money.”
This new product also offers customers the flexibility to be able to make overpayments and underpayments and furthermore the product is also fully portable.
