Ecology Building Society prides itself on its flexibility as a lender and its revised mortgage conditions enable all residential borrowers who qualify the opportunity to either make underpayments or take payment holidays from their mortgages. Previously this facility was only available to borrowers who had made earlier overpayments, but has now been extended to assist borrowers in circumstances where a break in mortgage payments is required for a short period, for example, during maternity leave or a career break.
In addition to the change in the mortgage conditions the Ecology have also increased their maximum loans amounts on a number of products. For example, previously the maximum loan amounts for residential mortgages up to 80 per cent loan-to-value (LTV) and buy-to-let mortgages was £500,000 – this has now been increased to £600,000. These increased lending limits will assist those borrowers who are undertaking projects that require a higher degree of financial support and have the capability to borrow larger sums.
Ecology's chief executive commented: "These changes extend the mortgage offering of the Ecology and combined with our policy of long-term value make Ecology mortgages even more suitable for renovation and ecological self-build. We are pleased that we can reflect the continued growth of the Ecology in these enhanced terms for our borrowers."
