Today 1st June 2023 Nationwide is launching a new 0% green additional borrowing product that will enable up to 5,000 households with a Nationwide mortgage to borrow £5,000-£15,000 up to a maximum of 90% LTV across the two or five-year product term. The loan must be used to fund non-structural, energy-efficient home improvements, such as solar panels, air source heat pump, window upgrades, boiler upgrades, cavity wall insulation, loft insulation or an electric car charging point. Members can use any local or national contractor or supplier for the work.
The new product will be available from Thursday 1st June and will be made available via brokers. Nationwide hopes that by removing interest on its green additional borrowing loan, it can incentivise members to make green home improvements. For example, if a member borrowed the maximum £15,000 over a five-year term, the monthly payment on the existing green additional borrowing product at a rate of 3.89% would be £275.50. For those taking out the new version, the payment would reduce by £25.50 per month to £250, meaning the member would save £1,530 over the full term of the deal.
Here are some examples of the types of home improvements that can be funded by the new green additional borrowing loan:
Members can use any local contractor including Wil-Lec Group for the work.
Henry Jordan, director of home at Nationwide Building Society, said: “Residential properties are one of the biggest causes of emissions and there is a need for more to be done by government and business to encourage households to act.
“It’s clear to us that only meaningful incentives will help shift behaviour. So, by launching this latest product for up to 5,000 of the Society’s mortgage holders, we can test and understand whether offering zero per cent interest will encourage members to make the necessary green home improvements, where the costs of finance may have, until now, discouraged them. As a mutual, we’re committed to returning value back to our members, which is demonstrated by this being the first time we’ve taken this approach. Creating a greener society is a shared goal and we need to make it as easy as possible for households to play their part.”
Steve Wilson Managing Director at Wil-Lec Group said "This loan offered by Nationwide is a great opportunity for home owners to install solar panels and EV chargers at a zero borrowing cost and we are excited to work with Nationwide mortgage customers.
To get a FREE EV Charging point or solar panel quote and check your roof's viability fill out the form here or call us on 01472 241881