Ecology Building Society was launched in 1981.  They pride themselves on offering mortgages that cater for new building projects, the conversion of old buildings that are not in use and are derelict and will benefit from owners who understand improving our country with environmentally friendly buildings.   Their mortgage lending facilities are available throughout the United Kingdom and so far they have assets well over £60 million and over 10,000 customers to date.

They are based in West Yorkshire and are very conscious of the environment around us and how we need to preserve our world. They originally wanted a building society specializing in buildings that were constructed in the most appropriate way to not impact unreasonably on the land. It was realized that getting a mortgage on a property that needed enormous modernization was really difficult, hence there was a hole in the mortgage market. That is when Ecology Building Society was formed.

Ecology Building Society caters to lending to people all over the UK and its main aim is to give mortgages on buildings that show an understanding of our environment, providing expert energy savings. They want to bring back to life properties that are standing derelict or rundown.  This means that many people will be able to get a mortgage even for a property in the most dire condition.

They offer mortgages for a variety of purposes and we have endeavoured to list some here.

Buy-to-let mortgages

Their buy-to-let mortgages can be taken on buildings that require either conversion or modernization, ecologically friendly new buildings or for buildings that would benefit from energy saving products. Such mortgages are similar to a residential mortgage but with the following differences:

• The loan-to-value (LTV) maximum is 70%
• Such a mortgage is only obtainable on a full repayment arrangement
• What can be borrowed is calculated on what the possible income could be from the rent and will be worked out by a valuer that the Ecology Building Society supplies. This rental amount must be greater by 35% of the monthly mortgage payment.
• The mortgage could be entitled to a ‘C-Change discount’
• Ecology Building Society will consider all details of your income and any outstanding debts you may have and will take all this into consideration when working out if they can lend you the amount you require to borrow

For retired borrowers there is an interest-only loan

Interest-only loan mortgages offered by Ecology Building Society are for people who are over 50 years of age and are collecting pension earnings and wanting to buy a new property or may be do some home improvements. This type of mortgage is similar to their residential mortgages offering the same rates of interest.  There are only the following difference with this type of mortgage.