Furness Building Society has introduced a range of Green Further Advance mortgage products with highly competitive rates.

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.

Furness’ new Green Further Advance range is for those with environmental aspirations and rewards the installation of solar panels, heat pumps and insulation and more with attractive interest rates.

Loans range from £5,000 to £40,000 and products are fixed at either two or five years. There is no product fee.

There are four products in the range:

• Green BTL 2 Year Fixed at 4.89% with a max overall LTV of 75%
• Green BTL 5 Year Fixed at 4.38% with a max overall LTV of 75%
• Green Resi 2 Year Fixed at 4.29% with a max overall LTV of 95%
• Green Resi 5 Year Fixed at 3.99% with a max overall LTV of 95%

Loans will be considered for those considering implementing the following:

• Solar panels
• Traditional, cavity wall, loft or solid floor insulation
• Heat pumps
• Double / triple glazing
• Electric car charging point
• Electric storage batteries
• Hot water tanks
• Thermostatic radiator valves
• New boiler
• Utilities upgrades

Applications for the new high LTV products are welcome from both residential homeowners and buy-to-let landlords and will be assessed using Furness Building Society’s bespoke underwriting process. Each case will be considered on an individual basis by a highly experienced underwriting team.  

Chris Pickstone, Head of Mortgage Strategy at Furness Building Society commented: “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.”