Nationwide Zero Interest Green Additional Borrowing

firsttimebuyer2024

I'm planning to apply for mortgage with Nationwide for my purchase of a victorian conversion flat.

I'm thinking of doing some home improvements in a year time. In addition to loft extensiom, I’m considering replacing the existing windows and installing internal wall insulation in the existing first floor flat.

I've recently come across Nationwide's Green Additional Borrowing product.

If I’m eligible for this additional borrowing (I understand the roof extension itself wouldn’t qualify), I could potentially stretch my deposit more for now to secure a lower mortgage rate. Then, I could borrow more for the green improvements at 0% interest for 5 years later, if that’s an option.

I wanted to ask if any of you’ve had any experience with this or if you can share any insights into how the process works. Specifically, I’m curious about:

• How Nationwide assesses the additional loan application
• What they typically expect to see in the application
• How do they decide the additional loan amount given the product is available from £5,000 to £20,000
• The timeline for spending the loan once approved
• What they require to demonstrate the additional borrowing is spent on the eligible green improvements (I know the roof extension won't qualify for the loan so not try my luck. It's from a practical / administrative point of view, how I can evidence the costs of the eligible green improvements as part of the full renovation e.g. the company who replaces the existing windows (qualify as green improvements) is likely to also install the new windows in the dormer (not qualify)

Thank you in advance.

RedFraggle

It may not be an available option by the time you want to apply. I certainly wouldn't over stretch now on that basis