Co-op Bank launches additional green loan products

The Co-operative Bank has launched additional green loan products for its existing customers.

Holders of eligible Co-operative Bank, Britannia and Platform mortgages will be able to use the bank’s new energy savings improvement tool, powered by Energy Saving Trust, to create an energy savings improvement plan. personalized energy and access to an additional green loan product.

The new products will help existing customers make improvements to their homes that will reduce their energy consumption and help address the climate emergency.

Products are available at no cost, either for a fixed term of two or five years, at a loan-to-value ratio of 60-85% with interest rates starting at 2.94%.

Along with the same process for applying for a standard supplemental loan product, customers will need to ensure that they have used the online energy savings improvement tool to generate an improvement plan.

They will also have to provide the improvement plan report as proof and ensure that they use at least 50% of the loan for environmental improvements.

The improvement plan will provide a list of actions that could be taken to help reduce energy bills, reduce carbon emissions, or improve the property’s Energy Performance Certificate (EPC) rating, depending on the plan selected.

The Co-operative Bank’s Head of Retail Products, John Ward, said: “Climate change is clearly a major concern for UK consumers and one we share with our customers. Tackling this important issue continues to be a priority for us and that is why we have launched our additional Green Loan products, supported by our new Energy Savings Enhancement Tool.

“These two initiatives work together to help customers identify where they are making investments to improve their homes that will have the most environmental benefits while reducing their energy consumption, which could mean lower bills at a time when costs are rising, but also reduce that in the longer term,” adds Ward.

Previous Home equity is becoming increasingly important in retirement planning: Aviva
Next Blog: Diverse real estate portfolios are the way to go