Green additional borrowing
Borrow up to £25,000 for insulation, solar panels or other home improvements if you already have an eligible mortgage, with at least half spent on energy efficiency.
Această oportunitate este disponibilă momentan în limba engleză.
You can use this additional mortgage borrowing for work on your mortgaged home. Eligible work includes loft and wall insulation, energy-efficient glazing, solar panels, storage batteries and air-source or ground-source heat pumps. At least 50% of the money must pay for eligible energy improvements; any remainder must pay for other home improvements.
The residential FRG16 fixed-rate option described here is repaid through monthly payments. The lender provides additional mortgage money, transferred to you or your conveyancer, and you repay the loan plus interest through monthly payments that cover interest and gradually reduce the amount you owe. This borrowing is secured on your home, which may be repossessed if you miss mortgage repayments.
FRG16 charges 4.85% interest, fixed until 28 February 2029. It then moves to the lender’s Standard Variable Rate, currently 6.54%, which can change; alternatively, you can switch to an available product from its core Product Transfer range. Interest is charged daily. The published annual percentage rate of charge (APRC), which includes the mortgage’s overall costs to help you compare offers, is 6.3%.
There is no application or product fee. A funds transfer costs £8. A valuation charge may apply to additional borrowing, with the amount set out in your mortgage illustration, the lender’s personalized breakdown of your mortgage costs. Any applicable valuation fee is payable when you apply, is non-refundable and must be received before the application is processed.
You can repay up to 10% of the capital each year without an early repayment charge. Above the permitted allowance, or if you switch or repay early, the published charge is 2.5% of the balance repaid until 29 February 2028, then 2% until 28 February 2029. FRG16 lists a £125 mortgage exit fee. The tariff applies an exit fee when the mortgage ends or borrowing moves to another lender or property; it refunds this fee if you take your next mortgage with the Society within six months of redeeming the old account, extended to 12 months for a mortgage including a former Stroud & Swindon Building Society product.
Eligibility
- You must already have a residential mortgage with Coventry Building Society, Godiva Mortgages Limited or ITL Mortgages Limited. Mortgages with other lenders do not qualify.
- You must have held the mortgage for at least six months and made six consecutive monthly mortgage payments. Current Offset mortgage products are excluded.
- The improvements must be made to the mortgaged property. For FRG16, the maximum loan-to-value ratio is 75%: the mortgage borrowing may be no more than 75% of the property’s value.
How to apply
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- Apply by calling Coventry Building Society on 0800 121 8899; existing eligible mortgage borrowers only.
Call Coventry Building Society on 0800 121 8899 to apply for Green additional borrowing. Before it can agree the additional loan, the lender needs your quote or quotes for eligible work. Each quote must be on headed paper and include labour and materials. The lender suggests getting at least three quotes, rather than requiring three.
After reviewing your application, the lender instructs a valuation to decide whether it can lend on the property; this may not require a physical inspection. Applicable valuation fees must be paid before the application is processed.