Ecology Building Society added a new larger loan product to its mortgage range, aimed at homeowners and purchasers focused on property renovation.

The society will now lend up to £2 million for renovation mortgages up to 80% loan-to-value (LTV), up from £1.25 million.

Ecology’s renovation 80% large loan mortgage has a 5.59% variable rate, with no early repayment charges.

Ecology Building Society senior product and proposition manager of mortgages Daniel Capstick says: “We identified a gap for larger loans for home renovation so have increased the maximum we’ll lend on up to £2 million for higher-value properties and more significant projects.”

“Ecology is well-known as a specialist in the renovation mortgage market with more than four decades of experience to share with borrowers and brokers.”