Nationwide Launches Retrofit Loan

17th April, 2013

The UK’s leading mortgage lender, Nationwide, has launched a Green Additional Borrowing Service offering interest rates of just 2.29%. This has raised many eyebrows in the sector when compared with the 7%+ rates on offer under The Green Deal.

DECC Ministers have defended the Green Deal Finance Company, claiming that it is unfair to make a comparison between unsecured borrowing under the Green Deal with mortgage borrowing attached to the borrower’s property.
Rival green-lender Ecology responded positively to Nationwide’s entry in to the loans market. Chief Executive Paul Ellis said “We’re pleased to see the UK’s largest building society respond to our call to help its members go green.” Ecology's C-Change retrofit scheme offers a discount of 0.25% off Ecology's Standard Variable Rate for each grade improvement made in a home’s Energy Performance Certificate (EPC) rating. Ecology claim that unlike the Nationwide product, the discount is available to new as well as existing members and is applied to the whole of the mortgage balance, for the life of the mortgage. Because the discount is based on results rather than measures installed, it encourages a whole-house approach to energy efficiency improvements, rather than piecemeal installations.

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