Newbury Building Society supports energy-efficient self-builds with mortgage fee incentive

A new incentive has been introduced by Newbury Building Society on its self-build mortgage to prod borrowers into installing energy-efficient features.

The launch of GoGreen Further Advance product in July 2020 was followed by the GoGreen Reward, which offered additional lending to existing borrowers for climate-friendly home improvements at a lower interest rate.

The latest motivation applies to the society’s self-build mortgage — a three-year discount rate at 3.95%, at up to 75% loan to value.

NBS will refund half of the application fee if an Energy Performance Certificate rated A or B can be evidenced within two years of the start of the self-build project.

This is aiming to encourage borrowers to install sustainable and energy-efficient features into the build of their home.

“We’re excited to expand our green mortgage offering into the self-build sector. The UK has ambitious targets to reduce carbon emissions by 80 per cent by 2050. One of the most cost-effective ways to do this is by reducing energy use in the home,” said Roger Knight, lending manager at Newbury Building Society.

“The GoGreen Reward will encourage people to make their homes more energy efficient,” Knight said.

All self-build applications are assets on merit, with tailored underwriting and no credit scoring.