"Our GoGreen further advance incentivises existing borrowers to improve their EPC to help combat climate change."
The new green mortgage product, which follows the Chancellor’s recent announcement of the £2bn Green Homes Grant scheme, rewards existing borrowers who want to take additional borrowing to fund energy efficient home improvements with a lower interest rate.
GoGreen further advance five-year discount products are available from 1.49% up to 60% LTV and 1.59% up to 75% LTV.
The green further advance minimum and maximum loan amounts are from £2,500 to £39,999.
To qualify for the further advance, borrowers must use at least 50% of the funds for one or more environmentally friendly home improvements such as insulation, double glazing and solar panels, amongst others.
Karen Smith, sales manager at Newbury Building Society, said: “More of us are becoming increasingly aware of our impact on the environment and are seeking ways to reduce our carbon footprint. One way of doing this is to encourage homeowners to make energy efficient changes to pre-existing homes, not just new builds investments. Our GoGreen further advance incentivises existing borrowers to improve their EPC to help combat climate change.”
