Energy Efficient Advance
This is an exclusive product only available to customers wishing to borrow additional monies (up to a maximum of £20,000) in order to purchase and install energy efficient home technologies from the approved list.
With our Energy Efficient Advance† your monthly repayments will be calculated in-line with the Bank of England Base Rate. So, if the Base rate goes down, so will your monthly mortgage repayments. Please note, if the base rate increases this will also be reflected in your monthly mortgage repayments.
With this mortgage you can also apply:
- to make overpayments to reduce the term of your mortgage
- to make underpayments to reduce the amount of your monthly repayments for up to 6 months
- to take a payment holiday for up to 6 months - Interest will continue to mount up and you will be required to either increase your mortgage term or make higher monthly payments once you have finished your payment holiday
- Rest assured this mortgage is also portable so should you want to move before your term has finished you can simply take your current mortgage to your new home. Subject to The Co-operative Bank's Lending Criteria.
| Mortgage | Initial Rate/ Period | Rate mortgage will then change to for remainder of mortgage | Overall Cost for comparison (APR) | Appli- cation Fee | Early Repay- ment Charge | Exit Fee |
|---|---|---|---|---|---|---|
| Energy Efficient Advance (Bank of England Base Rate plus 1.04% for the first 2 years) |
Currently 1.54% (variable) for 2 years | After two years the rate will revert to Bank of England Base Rate plus 1.49% | 2.0% | £95 | A charge of 3% will apply for the first 2 years. | £140 |
The rates quoted above are conditional upon your further advance being wholly for the energy efficiency measures detailed in the bank's factsheet called Energy Efficient Home Improvements Factsheet (PDF – 0.1Mb). If you do not use the loan wholly for these purposes you will be in breach of the terms and conditions of this loan. The bank reserves the right to transfer this loan onto the standard variable rate currently 4.24% for the remainder of the term, in the event of this breach.
How to apply
If you would like more information about this product or would like a full illustration please call our specialist team on 0800 0288 288.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
† Subject to credit checks, affordability assessments and house revaluation.
*We may consider other home improvements, not on this list, if they help combat climate change. Please ring us to discuss.
