Furness Building Society has introduced a new range of Green Further Advance mortgage products.
The products are available to homeowners and landlords specifically seeking to improve the energy performance of their property.
Further advance loans typically enable applicants to carry out home improvements by borrowing more against their home through their existing mortgage.
The Green Further Advance range rewards the installation of solar panels, heat pumps and insulation, and more.
Loans range from £5,000 to £40,000 and products are fixed at either 2-years or 5-years. There is no product fee.
Examples of the new products include a green buy-to-let (BTL) 2-year fixed at 4.89% with a max overall loan-to-value (LTV) of 75%, and a green BTL 5-year fixed at 4.38% with a max overall LTV of 75%.
Additional products include a green residential 2-year fixed at 4.29% with a max overall LTV of 95% and a green residential 5-year fixed at 3.99% with a max overall LTV of 95%.
Chris Pickstone, head of mortgage strategy at Furness Building Society, said: “We have created these products to support our customers in their efforts to become more environmentally-friendly.
“Whether driven by energy prices or the urgency of climate change, increasing numbers of homeowners and landlords are seeking out green mortgage products to finance or reward home energy efficiency measures.
“For many, the benefits of green home improvements are twofold; they bring down energy costs in the home and help upgrade a property’s energy performance (EPC) rating.
“Bringing to market new and competitive green mortgage products is also a valuable way we can support the efforts to reduce the UK’s carbon footprint and contribute to the journey to net zero.”
