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Ecology society cuts rate

Ecology Building Society is cutting its residential mortgage rate to 6.75 per cent with effect from June.

The green lender is upping the loan to valuation level to 90 per cent from 80 per cent as well as waiving the administration fee of £150 on applications received before July 31.

The society offers loans on properties which it says most lenders shy away from, including derelict properties in need of renovation, unused buildings and green self-build homes.

The funds to provide these mortgages come from Ecology&#39s saving members, who invest in the society on the condition their money is used for positive environmental and social benefit.

Chief executive Paul Ellis says: “Renovating a derelict house or building a new one with low-impact materials is ecologically much better than building a new brick house. Offering higher loans to valuation will enable more people to consider renovating or converting a property.”

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