Ecology Building Society has launched a Community Living mortgage aimed at buyers and remortgagors in co-housing schemes.
The Community Living mortgage offers a discounted variable rate of 5.34% and is available up to 90% loan-to-value (LTV).
There is no application fee and borrowers can make unlimited overpayments.
Daniel Capstick, senior mortgages product and proposition manager at Ecology, said: “Co-housing can have many positive benefits for people and our planet and help communities to thrive, yet most lenders don’t provide mortgages to enable this type of living.
“Ecology’s new Community Lending mortgage product bridges this gap and complements the commercial lending we provide to help with the creation of such developments.
“The co-housing schemes we’ve supported already are leading the way in sustainable living with some having their own renewable power generation, car and bike pools and food growing, so providing this type of mortgage for residents was a natural next step.”
The Community Living mortgage follows the recent launch of Ecology’s 95% LTV Affordable Local Homes product, which is available through the Discounted Market Sales scheme.
Capstick added: “We’ve always been a purpose-driven lender and our recent mortgage range refresh is helping us to plug gaps in the market and support people in purchasing their first property or be part of a way of living that’s right for them.”
