The bank’s new Green Additional Borrowing mortgage is aimed at helping homeowners to finance eco-friendly improvements with a 0% interest rate. The option is available for a fixed term of two or five years for existing Nationwide mortgage holders to access extra funds with no interest, for a range of energy-saving solutions. Boiler upgrades, solar panel installations, air source heat pumps, additional insulation, double glazing and electric car charging points are amongst the eligible improvements under the scheme.
4.75%
is the new interest rate set by the Bank of England, down from 5%, the lowest rate since June 2023. Lenders are swiftly following suit with reductions to mortgage rates, bringing confidence to buyers in a boost to the housing market. The Bank’s Monetary Policy Committee (MPC) did sound a note of caution that the government’s Autumn Budget is likely to increase inflation in the short term. This suggests further rate drops are unlikely in the immediate future.
4.75%