Ecology green mortgages buck the trend – highest monthly gross lending levels recorded since 2007

Nov. 12, 2010 - PRLog -- As providers of the UK’s first green mortgages, and funded by the savings of its ethically minded members, Ecology Building Society is delighted to report exceptional recent lending figures. The Society saw its new advances for September 2010 peak at £1.76m, the Society’s best monthly performance since the pre-credit crunch days of summer 2007. In contrast, the Council of Mortgage Lenders reported a “flat mortgage market” for the comparable period, with 1,000 fewer loans for house purchase than during the same period last year.

Ecology’s Chief Executive, Paul Ellis is optimistic that recent performance is far from a flash in the pan, commenting that; “Despite the continued and understandable uncertainty around the UK’s economic prospects, we are on course to record our best year since 2007. What’s really encouraging is that not only is our lending holding up well, but the ecological quality and diversity of projects supported by our members’ deposits is excellent. Many of the new advances we’re making are qualifying for significant mortgage discounts under our C- Change products due to the energy efficiency and carbon saving measures being undertaken. Indeed, we’re also busy announcing a range increases to our rates for savers to reward them for their loyal support and we hope this will encourage more new members to play a part in supporting our vision whilst providing them with an ethical choice”.

Ecology specialises in lending on properties that benefit the environment. It supports and rewards the ecological achievement using benchmarks that include Energy Performance Certificates (EPCs), Passivhaus and the Code for Sustainable Homes (CSH). Its mortgages are available for new and existing homes including self-builds, energy saving improvements to existing homes and properties that require substantial renovation or conversion, which it sees as a form of recycling.

Notes:
1. Ecology Building Society was the first lender to offer green mortgages, and has been doing so since 1981.
2. Ecology’s SVR is 4.90% as at 11 November 2010.
3. Created in partnership with leading ambassadors for sustainable building practices the range of C Change discounts and qualifying standards are detailed below;

Discount level   %
1   0.5
2   0.75
3      1
4   1.25

Discount   Energy standard/rating

EPC - Energy efficiency rating or Environmental impact rating 'B'
CSH Level 3
Eco Homes 'Very Good'
Energy efficiency rating or Environmental impact rating 'A'
CSH Level 4
Eco Homes 'Excellent'
AECB Silver
CSH Level 5
PassivHaus
CSH Level 6
AECB Gold
EPC - Energy Performance Certificate CSH - Code for Sustainable Homes AECB - Association for Environment Conscious Building

4. For further details of Ecology’s C-Change sustainable homes and energy improvements mortgage discounts visit - www.ecology.co.uk/html/mortgages/discounts.htm#cchange

5. The C-Change energy improvements discount offer a 1% interest rate discount on all mortgage funds used for the installation of energy saving measures and renewable technologies in existing homes
Examples of such measures would be; installing floor, wall and roof insulation ; double or triple glazing ; wet underfloor heating systems ; installing a condensing boiler ; solar water heating ; photovoltaics ; wind turbines ; ground source heating pumps ; biomass heating ; heat recovery systems ; installing low water-use appliances ; rain water harvesting.
Further details on all of these measures can be found in ‘Our C-Change Discounts’ leaflet
http://www.ecology.co.uk/html/mortgages/literature.htm

6. For further details on the types of projects and properties Ecology Building Society lends on, visit http://www.ecology.co.uk/html/mortgages/whatlendon.htm. The Ecology’s range of green savings and investments supports its unique lending programme.

7. For case studies and photographs of eco developments supported by the Society or any further information please contact Jon Lee, email jlee@ecology.co.uk Tel 01535 650774

8. Ecology BS offers a range of share, deposit, SIPP and Cash ISA accounts to savers. For more details, please visit http://www.ecology.co.uk/html/savings/range.htm

Contacts:

Jon Lee – Business Development Manager   
E-mail: jlee@ecology.co.uk
Ecology Building Society
7 Belton Road Silsden Keighley
West Yorkshire
BD20 0EE
Tel: 01535 650774
Fax: 01535 650790
Website: www.ecology.co.uk

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