Do we need to provide planning permission for a new build development?
Yes, we require detailed planning permission for an application.
What deposit do we need for my mortgage?
You need a minimum deposit of 30% towards the purchase price or value of the site, whichever is the lower.
Do we still need a deposit if we already own the land and have planning permission?
No, you don’t always need a deposit; we can lend based on the value of your land or property, providing you already own the land and it’s mortgage-free. Also, if you need us to, we can help you repay any outstanding finance on the land.
How long do we have to complete a new build or renovation project?
Subject to planning constraints, we allow a maximum of 2 years for you to complete the project.
Do you offer stage payments?
Yes, although we do not release payments at set construction milestone stages (e.g. foundation, wall plate etc.). We release funds as and when the build progresses and release up to a percentage of the increased value of the property.
Can we have interest-only during a new build or renovation phase?
Yes, our mortgage for housing developers is an interest-only facility. Capital repayments are expected to be made from the proceeds of the sale of mortgaged property when completed in accordance with the terms detailed in your mortgage offer letter.
Does Ecology require a particular build warranty on completion of my project?
A build warranty is not a mandatory lending requirement of our mortgage and we are happy with a Building Regulation Completion Certificate. However, if you wish to take out a build warranty for the completion of the property then this is acceptable to the Society.
Do we need to have been established for a minimum period before you will lend to us?
No, we can consider proposals from applicants undertaking their first development project.
How much will our mortgage cost a month?
As soon as we know that we can help, we’ll provide you with an indicative illustration, showing how much your monthly repayment will be for the amount you want to borrow, over the term you require.
