Compare Ecology Building Society mortgages
Ecology Building Society customers tend to be people looking to self-build, renovate or convert properties to meet specific energy efficiency ratings.
They also offer mortgages for energy efficiency improvements, buy-to-lets that meet their environmental standards and shared ownerships on energy efficient affordable housing, as well for purchasing woodlands and land for mooring boats.
Residential mortgages
Ecology Building Society offer loans of up to 80% of a property’s value to customers looking to self-build, renovate, convert or make energy improvements to a property.
Their lending tends to be up to four times the sole or combined income of the borrower or borrowers.
Buy to Let mortgages
You can borrow up to 70% of the value of a property with a buy to let mortgage from Ecology.
They also look at the monthly rental income of the property, which should be 35% more than the monthly mortgage repayments. Your personal income will also be taken into account.
Shared ownership mortgages
Customers interested in buying a property on a shared ownership basis can borrow up to 95% of the value of their share of the property.
The mortgage will also need to be a maximum of four times the income of the borrower or borrowers.
Mortgages to buy land
If you are interested in buying woodlands for conservation or protection purposes, or land to build a mooring for a boat, you can borrow up to 70% of its value with Ecology Building Society. The amount you can borrow will, again, be limited at a maximum of four times the sole or joint income of the borrower or borrowers.
Loan to value ratio
With any kind of mortgage, one of the key things a lender will look at is the loan to value (LTV) ratio.
This shows them how much the amount you want to borrow is as a percentage of the total value of the property or land you wish to secure the debt against.
This means, if you were looking to take out a £50,000 mortgage on a property worth £100,000, your LTV would be 50%.
LTV also takes into account existing debt, so if you already had a £50,000 mortgage on a £100,000 property, then wanted to borrow an extra £25,000, your LTV would be 75%.
Most lenders will usually give better interest rates on mortgages with a lower loan to value ratio, although this is affected by a number of factors.
Find the best deals on mortgage rates
Whether you are looking for a specialist mortgage or something more standard, if can be hard to know whether you are seeing the best deals available.
Our mortgage calculator will match your specific requirements with our pick of the most attractive offers from across the market, making it quick and simple to see which offers you the best value.
All you need to do is head to the top of the page and plug in some basic details, including how much you want to borrow, how long for and what sort of mortgage you are looking for.
The calculator will then do the rest, allowing you to easily compare and contrast the various offers and find the best one for you.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
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Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Ecology BS & alternative lender options.
