Money News
Yorkshire Building Society is to launch its first Home Energy Efficiency mortgage for existing customers on April 19th.
The additional loan is the forerunner in what will be a suite of home loans that focus on energy efficiency as a way of saving money for the homeowner. Unlike a number of other energy efficient home loans this mortgage, claims the Society, offers a discount to the customer as well as being beneficial for the environment.
The Home Energy Efficiency Additional Loan will be available at 5.65% for 5 years, a discount of 1.50% from the Yorkshire's Standard Variable Rate of 7.15%.
Minimum loan will be £1000, maximum £15,000.
Payment holidays and unlimited overpayments will be allowed. There is no product fee. And no early repayment charges.
Research during 2006 of the Society's Member Panel showed that 55% of members thought that lenders have a responsibility to help fund energy efficient home improvements. Meanwhile, 49% thought the most effective way of doing this was by offering low cost loans and 71% thought that making energy efficient improvements would improve the attractiveness of their homes.
18 April 2007 © Moneyextra.com
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