Eco-conscious self builders and renovators can now access a new eco mortgage from BuildStore, the Melton Mowbray Building Society and Ecomerchant.
According to a recent poll of BuildStore’s PlotSearch customers, a third of self builders say that creating a greener home is the main driver for them wanting to build their own home.
The mortgage is the first of its kind to reward homebuilders for building a truly green home, with a competitive interest rate, offering a 0.75% discount on the lender’s standard variable rate (4.99%) for term – currently 4.24%. Unlike other eco funding solutions, this discount will apply across the full loan amount; not just the percentage used for specific energy-saving or renewable energy systems.
To qualify, more than 50% of the building fabric should include bio-based materials, the building should achieve lower U-Values than the new Building Regulations, renewable energy technology should be included, and less than 10% petrochemical content should be used.
The mortgage gives advance stage payments so self builders have the cash to pay for their land, build and materials ahead of every stage of the project.
Raymond Connor, Chief Executive of BuildStore, says: “More people are taking a ‘whole house’ approach to eco, and want to create a home that is green from the ground up. We believe this is a true eco mortgage, providing a genuine solution to help people fund and build greener homes, and rewarding self builders who select sustainable building materials.”
Ecomerchant will provide a free eco review for each customer, to show all the eco alternatives to standard materials which can be incorporated into their project.
Ecomerchant’s founder, Joe Wild, says: “By demanding a greater degree of care in the build design and fabric, and by encouraging the inclusion of bio-based materials, renewable energy systems and better energy performance all round, these homes will be healthier and more durable; better to build and better to live in.”