Mortgage News Daily – TMW set to launch Green Further Advance mortgage range
The Mortgage Works (TMW), the specialist buy-to-let arm of Nationwide Building Society, is launching its Green Further Advance mortgage range.
The range, which will be available from 13 April, is designed to support landlords in making their properties more sustainable.
A rate of 1.49% will be available for loans of between £2,500 and £15,000 up to a maximum of 75% loan-to-value (LTV), all of which come with no product fees.
Nationwide cuts mortgage rates by up to 0.35%
Landlords can opt for a 2- or 5-year fixed product, with rates for those making green improvements to their property up to 50% lower than standard further advance rates.
The whole loan must be used to fund a range of sustainable home improvements, including the addition of solar panels, window upgrade/replacement, boiler upgrade, air source heat pumps and electric car charging points.
Daniel Clinton, head of The Mortgage Works, said: “As one of the UK’s largest buy-to-let providers, it’s important that we support our landlords in making their properties more sustainable and energy efficient as we, along with Nationwide, continue to play a leading role in helping to tackle climate change.
“Buildings are the second largest source of emissions in the UK and even small changes, such as adding insulation to pipes can make a big difference in helping improve the green credentials of properties.
“Landlords are required to ensure their properties have at least an EPC E rating, but in future this could be increased to a C rating meaning many will need to make improvements.
“By launching our Green Further Advance with rates significantly lower than our standard range, we hope this will give landlords the push they need to start making those changes.”