Find out how Nationwide’s new loans can help you improve your property’s energy efficiency, value, as well as reduce energy bills.
Nationwide offers bigger 0% interest loans in pursuit of greener homes
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What is the ‘0% interest Green Additional Borrowing mortgage’?
Nationwide’s borrowing mortgage was launched in support of mortgage holders that would like to make green home improvements, such as getting their home insulation done or their boiler or windows upgraded.
This loan has 0% fixed interest for the first 2 or 5 years depending on the mortgage you have decided to pursue. However, as all loans, it will need to be paid off; after the fixed period has expired, interest will start accumulating according to Nationwide’s variable Standard Mortgage Rate.
Benefits of the loan
The main benefit of the mortgage is that you can borrow between £5,000 and up to £20,000 depending on your project requirements. This budget has been increased compared to its initial release in June 2023, which was capped at £15,000.
Regardless of the amount you have chosen to borrow, the 0% interest rate remains intact until your fixed period ends.
Customers also need to be mindful that the Green Additional Borrowing mortgage is secured on the property, which means it can only be claimed once per property, and it can’t exceed 90% of its value.
What this means for you and your home
The loan is an excellent opportunity for you to kickstart your eco-friendly and sustainable plans for your home. The more energy-efficient it becomes, the more money you will be able to save on fuel bills during the cold winter months.
Cavity wall and loft insulation are covered by this loan and are an outstanding way of saving money on your energy in the long run.
For more information on how to apply and eligibility questions, visit Nationwide’s website.
