Nationwide Building Society has announced a new green mortgage product that will offer 0% interest for five years on additional borrowing used to make energy-efficient home improvements. The new product, called Green Additional Borrowing, is available to existing Nationwide members who have a mortgage with the society.
To qualify for Green Additional Borrowing, borrowers must spend 100% of the of the additional borrowing on energy-efficient home improvements. These improvements can include things like solar panels, cavity wall insulation, and air source heat pumps and even boiler upgrades.
Green Additional Borrowing will be available from 1st June 2023. This could be a great way for home owners to make real savings on their energy bills and reduce their carbon footprint. The Green Additional Borrowing will be offered in 2 or 5 year terms and once the term ends borrowers will move onto Nationwide’s Standard Variable Rate (SVR).
Here are some of the benefits of Green Additional Borrowing -
If you're thinking about making energy-efficient improvements to your home, Green Additional Borrowing could be a great option for you. As we learn more about this product at The Mortgage Stop, we’ll update this article.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.