Editor's note: This brief was summarised by The Property AI Team from a report by Mortgage Solutions. Read the original article for full details.
Ecology Building Society Raises Maximum LTV to 90% for Renovation Mortgages
Ecology Building Society has increased its maximum loan to value (LTV) to 90% for home renovation projects. The new offering is available on a variable rate of 5.99% with no early repayment charges and a maximum loan cap of £1.25 million.
The lender recently introduced a large loan renovation mortgage at 80% LTV for properties valued up to £2 million, aimed at higher-value properties and larger renovation projects. All renovation mortgages from Ecology Building Society include an energy improvement discount, which can reduce the borrower’s mortgage rate by up to 1.5%.
Additionally, borrowers who install a heat pump as part of their renovation project are eligible for a cashback incentive. These features are designed to encourage energy efficiency improvements in residential properties.
For letting agents and inventory clerks, these changes may be relevant for clients considering property upgrades or energy efficiency improvements, as the increased LTV and incentives could make renovation projects more accessible.
Source: Mortgage Solutions