BuildLoan and Furness Building Society launch Green Mortgages for Self Build

by | Sep 27, 2021 | News

Furness Building Society has announced the launch of two green self build mortgage products, available exclusively from BuildLoan.

Both products come with a £750 cashback, payable upon the installation of one a selection of green features including solar panels, air or ground source heat pump, biomass pellet boiler or wind turbine.  The property should also have a minimum EPC band rating of B.

The products are the building society’s best selling two-year discount self build products – discounted at 4.19% for an arrears stage payment mortgage and 4.49% for an advance stage payment mortgage.  The products are free of early repayment charges so if the build completes earlier than the two year term, clients can easily swap onto a residential mortgage.

The proposed green features have been purposely selected because they are straightforward to install and result in both environmental and cost savings.  Installation along with the EPC band rating will need to be evidenced as part of the completion pack when the build is concluded.  The EPC rating can be evidenced online if needed.

Alasdair McDonald, Head of Intermediaries at Furness Building Society, commented: “As climate change becomes increasingly evident around the world, we all need to be more mindful of the footprint our presence leaves on the planet.  We have more than 10 years’ experience lending to self builders and we know that they are among the most savvy when it comes to exploring ways to reduce environmental impact – we want to reward this.  We’ve taken our two best-selling self build products and added a green incentive in order to encourage more eco-friendly living in the self build market.  This is not only great for the globe but also good for our pockets because saving energy comes hand-in-hand with saving money.”

Raymond Connor, CEO of BuildLoan said: “Most self and custom build homes are built with energy efficiency in mind so these new products from Furness offering cash back are an incentive for self builders to do this.  Brokers who advise on self and custom build have more options now and that will increase when Help to Build is launched by the government later this year.  BuildLoan can help to ensure clients get the right product and green mortgages are becoming more popular.”