15 July 2022
The Society is pleased to announce a Carbon Reduction additional borrowing product. This new product will allow existing members to borrow at a preferential rate and make the necessary home improvements to reduce the carbon impact of their property and improve the EPC rating of their home. This will be of benefit to the wider Northern Ireland environment and has a potential household cost saving for our borrowers over time.
The launch lending criteria are as follows:
- 50% of the additional borrowing amount must be in respect of carbon reduction improvements.
- Quotes/invoices/completion certificates should be produced to evidence the carbon reduction spend amount. This can apply to works completed within the last 12 months.
- Acceptable carbon reduction spend is defined as: air source heat pump, cavity wall insulation, double glazing/replacement windows, electric car charging point, ground source heat pumps, small scale wind turbine, tanks and pipes insulation. For loft insulation and solar panels, exclusions apply.
- A discount of 2.50% below the Society’s SVR for a period of 5 years (variable rate) on the additional borrowing loan.
- No ERC will apply to this product. At product switch time, borrowers can choose to switch the full amount of the mortgage to a new product if they wish.
- The main borrower(s) must reside in the property.
- Total borrowing should not normally exceed 85% of the revised valuation figure.
- Additional Borrowing Application Fee applies. Other fees may apply (e.g. stage payments). Please refer to the branch.
This product is available from 15th July 2022.