Nationwide has introduced the Green Additional Borrowing mortgage, designed to help homeowners finance eco-friendly improvements at 0% interest.
Available for a fixed period of 2 or 5 years, this mortgage option allows existing Nationwide mortgage holders to access additional funds without interest, exclusively for energy-saving upgrades.
However, the offer only applies for certain customers and certain upgrades when renovating a house and we explain who and what the offer applies to.
Mortgage from £5,000-£20,000
The Nationwide Green Additional Borrowing renovation mortgage provides a way for homeowners to finance eco-friendly home upgrades.
Borrowers can choose a fixed rate for two or five years, during which the mortgage’s interest rate remains at 0%. Mortgage amounts range from £5,000 to £20,000.
For example, a 15-year mortgage of £12,310 with an initial five-year 0% interest term would have monthly payments of £68.39 for the first five years or 120 monthly payments of £98.44. After this, the remaining term would be subject to Nationwide’s Standard Mortgage Rate, currently at 7.74% variable.
What can the mortgage be used for?
This mortgage must be fully dedicated to energy-efficient upgrades. Eligible improvements include:
- Boiler upgrades
- Solar panel installations
- Air source heat pumps
- Insulation (loft or cavity wall)
- Double glazing or replacement windows
- Electric car charging points
Who qualifies for the Green Additional Borrowing mortgage?
To qualify for Nationwide’s Green Additional Borrowing mortgage, homeowners must have an active Nationwide mortgage, with the combined total of the existing and new mortgage not exceeding 90% of the property’s current value.
Additionally, the term of the additional borrowing cannot surpass the remaining term of the existing mortgage.
Homeowners may apply for only one Green Additional Borrowing mortgage per property. You can apply by calling 0330 162 33 75.
