Swansea Building Society has launched a new ‘green’ mortgage, available only on properties that have an Energy Performance Certificate (EPC) rating of A or B.
The Company says it wants to reward homeowners who buy more energy-efficient homes, with a lower interest rate than its line of standard residential mortgages.
There are a range of rate options on this Green offer, with the Green 80 charging a variable rate of 2.95% and the Fee Assist option charging a variable rate of 3.3%. Both have a maximum LTV of 80%.
As part of a broader product refresh, the Company has also increased the maximum LTVs on its buy-to-let and vacation rental mortgage products. These went from 70% to 75%.
Swansea has also launched a range of new products for those who own a buy-to-let or holiday rental through a limited liability company, although these will continue to have a maximum LTV of 70%. It will now also accept portfolio owners’ mortgage applications.
Swansea Building Society chief executive Alun Williams said: “These changes to our mortgage products have been made to keep pace with the needs and demands of borrowers.
“We have made the decision to increase the loan to maximum value on a number of products to make them more desirable.
“The introduction of our green mortgage is something that we believe is very important for the future of the Company. This encourages the purchase of energy-efficient homes, and is something that we believe will become an increasingly important factor when people consider a home for themselves and their families.