Ecology BS cuts self-build and Eco Home mortgage rates

Ecology Building Society has announced further rate reductions across its mortgage range.

The rate on its self-build mortgage product has reduced by an additional 0.25%, down to 5.99% variable. This follows a previous decrease of 0.25% following the Bank of England base rate cut.

The Society has also reduced the rate on its newly-launched Eco Home Mortgage to 4.90% variable. This product is available to homes with an Energy Performance Rating of B* or above, and includes a full-term ‘eco home’ discount of 1.14%.

In addition, Ecology has reduced its SVR by 0.25% across its whole range of residential and commercial mortgage deals.

The ethical lender’s residential products include loans for energy-efficient conversions and renovations, while its range of commercial mortgages offers lending solutions to community housing schemes, sustainable housing developers and charities.

Ecology welcomes applications for homes built using non-standard methods of construction, including timber frame structures and those which use materials with low embodied carbon. 

Daniel Capstick, Ecology’s senior mortgages product and proposition manager, said: “We’re pleased to make these rate reductions as part of a review across our mortgage range.

“It’s important that we ensure our products, whether mortgages or savings, remain aligned with the reasons Ecology was created back in 1981 – to support the building of sustainable homes and communities.

“We’ve always led the way on self-build and green home finance and in the past four decades have grown our understanding and specialist knowledge of non-standard builds which may be rejected by other lenders. 

“We don’t use a ‘tick box’ approach to mortgage applications and our underwriting is bespoke to each case.

“And we reward our borrowers’ efforts to reduce their carbon footprint, with our innovative C-Change discount, which can save them up to 1.50% on their mortgage rate when they improve their home’s energy efficiency.”