Spotlight On: Green Additional Borrowing

 

The deal

Nationwide building society is offering a 0.5 per cent reduction in the cost of loans for customers making energy-efficient home improvements.

Good points

The offer cuts the cost of borrowing to as little as 2.29 per cent. Customers can borrow up to £20,000 up to a maximum loan-to-value of 85 per cent.

Bad points

The low-cost green loan deal is sadly only available to existing Nationwide borrowers. While there's no product fee, there is a £99 booking fee.

Conclusion

This is a carbon copy of the Co-operative Bank's Energy Efficient Grant, which offers green loans to its customers at 1.54 per cent. It would be great to see other lenders follow as the right improvements can cut people's home energy bills.

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