Ecology conversion mortgage
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We don’t have a ‘tick box’ approach to assessing projects – in many instances, we’ll welcome projects that standard lenders may not accept.
At Ecology, we are not put off by non-standard projects; if we can see your conversion will result in a sustainable energy efficient home and, where possible, use locally sourced materials, we’ll consider lending.
We’ll look at:
- Derelict barns, cow sheds
- Redundant garages
- Windmills
- Water towers
- Churches and chapels
- Oast Houses
- Redundant pubs (public houses).
Our mortgages are available throughout the UK (England, Scotland, Wales and Northern Ireland).
How the mortgage works
We’ll lend money to support the purchase of the plot and the costs of your conversion project if you are aiming for an energy performance of anywhere from an EPC B (SAP rating 85+) to EnerPHit standard.
Outline planning permission, including Class Q, or listed building consent needs to be in place to apply for the mortgage, and detailed planning needs to be granted before any mortgage funds are released.
We’ll release up to 80% of the plot purchase price or value of the property if you already own the land and subsequently, the money required to cover the build costs. As your conversion progresses, staged payments of up to 80% of your increased property value will be released in arrears – this will help you keep tabs on your budget and planning.
This type of mortgage may be suitable if you are able to make a 20% deposit for your plot and further funds to commence the early stages of the conversion. We normally recommend you begin your project with 20% of your total build budget.
Once your conversion is complete and you achieve the appropriate energy certificate, we can lower your interest rate through our C-Change discounts.
Our conversion mortgage product is on a Standard Variable Rate and our discounts are applied from the date we receive evidence that the conversion works have been completed and the energy rating required has been achieved.
Key product details
Conversion mortgage
- 6.04% interest rate
- 6.3% APRC (overall cost for comparison)
- £799 application fee
- 80% maximum loan-to-value
- Energy-efficient conversions rewarded through our C-Change discounts from 0.50% to 1.50%
- Ability to overpay by up to 10% per annum within the first two years, any amount above 10% will incur an early repayment charge
- Borrow up to 80% of the property’s value on a repayment basis, or up to 75% interest-only (or part repayment and part interest-only)
- All conversion projects must show they will achieve a minimum SAP rating of 85
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