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Ecology Building Society
Ecology Building Society is, in part, the brainchild of talks at a Green Party Conference. It was founded in 1981, at Silsden in England, and strives to support those who want to refurbish dilapidated properties or take on a new build that uses resources wisely. Presently they offer mortgage and savings products.
As for mortgages, Ecology Building Society offers: residential mortgages, residential mortgage discounts, buy-to-let mortgages, interest-only loans for retired borrowers, part-residential mortgages, small woodland mortgages, plans for housing co-operatives, lending facilities for housing associations, and commercial mortgages.
The residential mortgages offered by Ecology charge a standard variable rate with low initial fees. The interest is calculated daily. The mortgage discounts available are three. The first is called C-Change. This offers a 1% discount off of the standard variable rate for money borrowed to install energy saving or renewing systems, for example: insulation, low water-use appliances, condensing boiler, solar water heating, wind turbines, biomass heating, etc. The second scheme is called Savers. This offers a .25% discount off of the SVR for those who also save money with the society. There is an average minimum balance requirement. The final scheme is called Long-term, and it is designed to benefit those who have satisfactorily held an account with Ecology for a certain amount of time. You will be awarded a certain percentage off of the SVR for the remaining term of your mortgage.
Ecology’s buy-to-let mortgages are offered for existing properties that need refurbishment, environmentally friendly new builds, timber homes, etc. The maximum loan value is 80%, and also based on rental income. There are certain restrictions on the discounts that could apply.
Some of Ecology’s unusual mortgage descriptions follow. If you are over 50 years old and receiving a pension, you are eligible for an interest-only loan for a new home or to improve what you already own. Part-residential mortgages are available for mixed-use properties. And small woodland mortgages are made available to purchase land for the purpose of conservation and preservation.
The savings products offered by Ecology are as follows: Eco-Instant, Eco-60, Ordinary Shares, Mini Cash ISA, Charity Deposit, Corporate Deposit, and SIPP Deposit. All of these plans have instant access, less the Eco-60. There are minimum investment requirements between ₤25 and ₤500, as well as negotiable maximum limits. All but ISA and SIPP issue passbooks, and all but Charity, Corporate, and SIPP give you voting rights within the society.
So, if you are in the market for banking products or a mortgage, use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.
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TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
About this index Rates may contain points
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