Ecology BS cuts self-build mortgage rate

Ecology Building Society has reduced the rate on its self-build mortgage by 0.25% for new applications following the latest Bank of England base rate cut.

The new rate is 6.24% variable.

Ecology offers the product to a wide range of self-builders – from a competent DIY approach and self-managed, through to fully managed by a main contractor. It welcomes applications for homes built using non-standard methods of construction, including timber frame structures and those that use materials with low embodied carbon. 

The Society was also the first UK provider to launch dedicated mortgages for off-site construction homes, a growing part of the self-build market.

Daniel Capstick, Ecology’s senior mortgages product and proposition manager, said: “Our award-winning self-build mortgage is perfect for people looking to build their dream, eco-friendly home. 

“For more than 40 years, we’ve been experts in providing mortgages for unique self-build projects and we don’t have a ‘tick box’ approach to applications or underwriting – in many instances, we’ll welcome builds that standard lenders may not accept.

“We want to help people to buy, build and renovate energy-efficient homes so they can play their part in protecting our planet. We’re therefore delighted to be able to be reducing our self-build mortgage rate, and continue to improve our range to be able to support more borrowers.”