The Co-operative Bank has launched a new green mortgage product range, offering eligible new customers a lower interest rate when purchasing a property with an A or B EPC rating.
The product range offers either a two of five- year fixed term mortgage, at 80-95% Loan to Value (LTV) with interest rates starting at 4.30% for new to bank customers.
The new products come with a £999 fee, either a 2 or 5 year fixed term, at 80-95% LTV with interest rates starting at 4.30% for new to bank customers, with no changes to the application process.
Customers must be purchasing a property that has an EPC rating of A or B and the EPC rating must be valid (within 10 years) and be the latest EPC available for the property.
For the purchase of new build properties, where an EPC may not be available, a Predicated Energy Assessment (PEA) or Standard Assessment Procedure (SAP) rating available will be accepted from the housing developer or vendor
The product can be accessed on an 80% to 95% LTV, with the exception of new build houses which is restricted to 90% LTV for houses and 85% LTV for flats.
Co-operative Bank director of products John Ward commented: “At The Co-operative Bank, we’re really pleased to be launching our Green Mortgage product for new customers who are choosing to purchase an energy efficient home. This product is the next step in our journey towards helping to green the UK’s housing stock. By purchasing homes with higher EPC ratings, customers can access reduced interest rates, reduce their energy bills and do their bit for the planet.”
