The Co-operative Bank has launched green additional borrowing products for its existing customers.
Eligible Co-operative Bank, Britannia and Platform mortgages holders will be able to use the bank’s new energy-saving improvement tool, powered by Energy Saving Trust, to create a personalised energy-saving improvement plan and access a green additional borrowing product.
The new products will help existing customers make improvements to their homes that will reduce their energy consumption and help tackle the climate emergency.
The products are available with no fee, either a two- or five-year fixed term, at 60 to 85% loan-to-value with interest rates starting at 2.94%.
Alongside the same application process of a standard additional borrowing product, customers will need to ensure they’ve used the online energy-saving improvement tool to generate an improvement plan.
They will also have to provide the improvement plan report as evidence and ensure they use at least 50% of the loan on green home improvements.
The improvement plan will provide a list of actions that could be taken to help reduce energy bills, reduce carbon emissions or improve the property’s energy performance certificate (EPC) rating, based on the plan selected.
The Co-operative Bank director of retail products John Ward says: “It is clear that climate change is a major worry for UK consumers and a concern we share with our customers. Tackling this important issue continues to be a priority for us and is why we have launched our Green Additional Borrowing products, supported by our new Energy Saving Improvement Tool.”
“These two initiatives work together to help customers identify where they make investments to improve their home that will have the most benefit to the environment whilst also reducing their energy usage which in turn could mean lower bills at a time when costs are increasing, but also reducing this for the longer term,” Ward adds.
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