The new green mortgage product is applicable only on properties which have an Energy Performance Certificate rating of ‘A’ or ‘B’.
Read more: Green mortgages in the UK – why 2022 is a breakthrough year.
The building society said the mortgage aims to reward the purchase of lower-carbon and energy efficient homes with a low interest rate.
“Introducing our Green Mortgage is something we feel is very important to the future of the Society. It incentivises the purchase of energy efficient homes, and this is something that we believe will become an increasingly important factor when people consider a home for themselves and their families,” Alun Williams, chief executive at Swansea Building Society, said.
Read more: MAB: Just 25% of lenders offer green mortgages.
Meanwhile, Swansea also raised the maximum loan to value (LTV) on its buy-to-let and holiday-let mortgage range for personal customers from 70% to 75%. It is offering new buy-to-let, and holiday-let mortgages for limited company applications, with a max LTV of 70%.
In addition, it is now allowing applications from individuals who have four or more buy-to-let mortgaged properties, or portfolio landlords.
“These changes to our mortgage products have been brought in to keep pace with the needs and demands of borrowers. We have made the decision to increase the loan to value maximum on a number of products to make them more desirable, and we have, after 99 years, decided to allow applications from portfolio landlords,” Williams said.
