Leeds BS launches green additional borrowing

Leeds Building Society has launched green additional borrowing to allow its members to borrow more against their existing mortgage to make greener improvements to their homes.

Following the launch of additional borrowing earlier this year, this lending stream will now allow brokers to support clients who wish to implement energy efficient improvements and improve the EPC rating of their property.

The new product is available to the Society’s existing borrowers to spend on improvements such as installing solar panels, replacing traditional insulation, adding air source heat pumps, installing double or triple glazing, upgrading a boiler, or adding electric car charging stations.

Residential products include two-year fixed rates at 4.19% up to 75% LTV and 4.69% up to 90% LTV. A buy-to-let two-year fix has also launched at 5.19% up to 75% LTV.

All products have no fee and come with a free standard valuation.

Now available to brokers on Mortgage Hub, the application process is powered by MSO and is available for clients who have an existing residential, buy-to-let, or shared ownership mortgage with Leeds Building Society. 

Brokers will be able to assess a case before submitting by using the additional borrowing affordability calculators.

Martese Carton, director of mortgage distribution at Leeds Building Society, said: “Borrowers are becoming increasingly aware of the need to take control of their energy consumption and the environmental impact of their home. 

“The UK has some of the oldest housing stock in Europe, meaning Britain’s homes remain among the least energy efficient. With changes on the horizon, we are expecting to see more requirements on energy efficiency which could impact landlords in particular.

“To improve a home’s EPC rating from a D to a C, the average estimated cost ranges from £6.8k to £12.5k and we believe that green additional borrowing provides a solution to our mortgage holders who are planning to improve the energy efficiency on their homes.”