Ecology BS raises LTV on retrofit mortgages

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Ecology Building Society has raised LTVs for renovations of existing properties from 80 per cent to 90 per cent.

Ecology offers mortgages for renovation and retrofit projects where the energy efficiency of the property is being improved.

The lender says the move will help borrowers renovate their homes to a high environmental standard.

If funds are needed for the renovation, payments of up to 90 per cent of the value can be stage released in stages as the work progresses.

Ecology Building Society mortgage manager Daniel Capstick says: “We recognised that increasing the maximum loan-to-value for our renovation mortgages would help more people who wish to see the benefits of renovating and retrofitting their homes.

“Improving the energy efficiency of the UK’s existing housing stock will be key to reducing our carbon emissions as we build a greener society.”

Ecology’s mortgages are sold direct and through brokers.