CASH BACK FOR GREEN SELF BUILDERS WITH FURNESS BUILDING SOCIETY

The Cumbria-based Building Society has unveiled its first collection of green mortgage products in an exclusive collaboration with BuildLoan.

Furness Building Society has today announced the launch of two green self-build mortgage products, available exclusively to brokers via BuildLoan.

Both products come with a £750 cashback, payable upon the installation of one of 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 purposefully selected because they are straightforward to install and result in both environmental and cost savings. Evidence of installation of the "green" feature and final EPC rating will need to be provided on completion of the build. 

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 built homes are built with energy efficiency in mind so these new products from Furness offering cashback 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.”