Bath Building Society has introduced its first green self-build mortgage range, aimed at supporting environmentally conscious homebuilders.
Available exclusively through BuildLoan, the new products promise enhanced affordability, no product fee and £1,000 cashback at the first stage advance to assist with the cost of incorporating approved green features into projects.
The three new two-year discounted variable products are open to customers undertaking self-builds, renovations or extensions that include qualifying sustainability features.
The lender has also built in higher borrowing potential by factoring in the reduced running costs of energy-efficient homes.
Craig Brown, chief mortgage officer at Bath Building Society, said: “We are delighted to extend our self-build range to include the new green products.
“The green mortgages complement our existing self-build range and align with our strategy to be a more sustainable Society.
“The Society is making strong progress towards reducing our own environmental impact, helped by our Head Office refurbishment and investment in new digital systems.
“Making sustainable home ownership more accessible and affordable for our members is part of this commitment and the new green self-build products are a big step towards helping this happen, with a further green initiative planned to launch later this year.”
The launch forms part of the society’s wider push to embed sustainability into both its operations and lending. In-house environmental improvements have already seen investment in energy-efficient upgrades and digital infrastructure, and the new green mortgage is described as a further milestone in that transition.
Chris Martin, director of operations at BuildLoan, added: “As the leading specialist distributor in the self-build sector, we fully support the growing momentum behind green lending.
“These new products that we have designed with Bath Building Society support those values by rewarding self-builders who focus on energy efficiency, carbon reduction, and long-term cost savings with new product incentives and higher borrowing potential by reflecting lower running costs in the affordability calculation.
“Brokers will of course benefit from BuildLoan’s long-established support processes to support them in delivering good outcomes to their clients.
“This includes a professional review of build costs, cashflow analysis and guaranteed stage payments with no formal valuations during the build – all designed to ensure their clients get the money when they need it during their project.”
