Archives: FAQ - Mortgages

Once it has been applied, the discount will be payable for the duration of the mortgage term held with Ecology. An illustrative example of the cost saving is below.

This shows a £150,000 mortgage over a 25-year term, payable at our standard variable rate (currently 4.65%). The graph compares the total amount repayable without a discount with the total cost repayable if your project achieved an energy performance certificate rating of A after 12 months within the 25-year mortgage term.

<insert illustrative graph – figures to be provided so that JW can create interactive/animated graph>

You’ll need to provide the following before the Sustainable Homes discount is applied:

• confirmation your property is fully completed
• the final energy certification

We will then reduce your mortgage interest rate by the appropriate discount for the remaining duration of your mortgage term.

What are your intermediary procurement fees and how are these paid?

Intermediary fees are 0.40% of the loan amount, with a minimum fee of £300 and a maximum of £2,000. The fee will be paid to the bank account specified by the intermediary via Bacs or Faster Payments.

How should my client pay any fees?

We will provide our bank details and application reference for any application and valuation fee to be collected.

Are your lending activities restricted?

We lend throughout England, Scotland, Northern Ireland & Wales. Full details of our criteria can be found in our Lending Criteria Guidelines.

Do you deal with applicants who have had adverse credit?

Yes, please refer to the Lending Criteria Guidelines for information.

For self-employed applicants, how many years’ accounts are required and what figures are used in assessing affordability?

A minimum of three years’ accounts must be available; our affordability assessment is completed as normal, using the average income received over these three years.

What income benefits are accepted?

You can find full details on the benefits we accept in our Lending Criteria Guidelines.

My client receives their income in a foreign currency. Will this income be taken into consideration when calculating affordability?

Income paid in a foreign currency is not considered in our affordability calculations.

How do I submit an application?

Please register as an intermediary on our Broker Online system and complete the online application.

I have never dealt with the Society before. Do I need to contact you by telephone to discuss submitting an application?

No, you can register online as a broker and apply for a DIP or submit an application online. However, please contact us if you wish to discuss a residential case which falls outside of our lending criteria, or if you have a buy-to-let case (buy-to-let cases must be referred to us prior to submission).

If you wish to discuss a proposal or have any questions, our Mortgage Team will be very happy to speak with you.

Who can I talk to about getting updates on one of my cases?

Please call our Mortgage Team directly on 01535 650 770.