Leeds Building Society has launched green additional borrowing to allow its members to borrow more against their existing mortgage to make greener improvements to their homes.

Following the launch of additional borrowing earlier this year, the lending stream will now allow brokers to support clients who want to implement energy efficient improvements and improve the energy performance certificate (EPC) rating of their property.

The new product is available to the society’s existing borrowers to spend on improvements such as installing solar panels, replacing traditional insulation, adding air source heat pumps, installing double or triple glazing, upgrading a boiler, or adding electric car charging stations.

The products include a residential two-year fixed rate at 4.19% up to 75% LTV and a residential two-year fixed rate at 4.69% up to 90% LTV.

It has also added a buy-to-let (BTL) two-year fixed rate at 5.19% up to 75% LTV.

All products have no fee and come with a free standard valuation. Tapered early repayment charges of 2.5%/1.5% apply.

Leeds Building Society director of mortgage distribution Martese Carton says: “Borrowers are becoming increasingly aware of the need to take control of their energy consumption and the environmental impact of their home.”

“The UK has some of the oldest housing stock in Europe, meaning Britain’s homes remain among the least energy efficient. With changes on the horizon, we are expecting to see more requirements on energy efficiency which could impact landlords in particular.”

“To improve a home’s EPC rating from a D to a C, the average estimated cost ranges from £6.8k to £12.5k and we believe that green additional borrowing provides a solution to our mortgage holders who are planning to improve the energy efficiency on their homes.”

Last week, Leeds Building Society announced rate increases and decreases.