Ecology Building Society has launched a community living mortgage for people looking to purchase or remortgage properties that are part of a co-housing scheme.

Co-housing developments are made up of self-contained residential homes for individuals, couples or families. 

Ecology’s community living mortgage has a discounted variable rate of 5.34% and is available up to 90% loan-to-value (LTV), with no application fee and unlimited overpayment options.

Ecology Building Society senior mortgages product and proposition manager Daniel Capstick says: “Co-housing can have many positive benefits for people and our planet and help communities to thrive, yet most lenders don’t provide mortgages to enable this type of living.”

 “Ecology’s new Community Lending mortgage product bridges this gap and complements the commercial lending we provide to help with the creation of such developments.” 

“The co-housing schemes we’ve supported already are leading the way in sustainable living with some having their own renewable power generation, car and bike pools and food growing, so providing this type of mortgage for residents was a natural next step.”  

Earlier this month, Ecology launched a new high LTV mortgage. The mutual’s affordable local homes mortgage is designed for buyers of affordable properties through the discounted market sale scheme.