Building Society Launches First 0% Further Advance Loans

Can you borrow more money from your mortgage lender?
If you have a mortgage in place, you might be eligible to borrow more money from your existing lender. This is called a “further advance”.

The most common reasons for taking a further advance are:

  • To raise a deposit for a second property e.g. a holiday home or Buy to Let
  • To borrow funds for home improvements
  • To consolidate your debt into a single monthly payment
  • To release cash to pay for a wedding, university fees or other big life events
  • To make energy saving improvements to your property
  • Building Society Announces 0% additional borrowing product

Nationwide has now cut the interest rate on its green additional borrowing product to zero per cent.
The loan, available from 1 June 2023, will allow households with a Nationwide mortgage to borrow between £5,000 and £15,000 at up to 90% loan to value across two, or five-year terms.

All of the loan must be used to fund non-structural, energy-efficient home improvements, such as solar panels, air source heat pumps, window upgrades, boiler upgrades, cavity wall insulation, loft insulation or an electric car charging point.

While Nationwide has offered competitive rates on borrowing for green home improvements before, this is the first time it has made interest-free loans available.

A number of other mortgage lenders, including Barclays, Saffron building society and Skipton building society, offer various incentives and cashback to borrowers carrying out ‘green’ home upgrades or retrofitting energy efficient measures. But no providers are yet offering 0% loans in the same way as Nationwide.

How can we help?
If you are thinking about borrowing to make improvements to your home or need to free up cash for another purpose, we recommend you speak to our award winning mortgage brokers. We will be able to present you with the best product for your circumstances and potentially provide you with other options like remortgaging.

Get in contact with us today on 0208 364 3444 or follow this link to book an appointment:

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