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Ecology Building Society

As a building society owned by its members, Ecology is proud to support a wide-range of community-led organisations providing services that help to regenerate local economies. That’s why they’ve created a bespoke mortgage package with us; the community gain mortgage is designed to help:

  • New or existing community-owned shops that are members of the Plunkett Foundation or receiving their advice and support
  • Community-led groups wanting to buy new or existing shop premises
  • Those requiring funds to improve or expand a community-owned shop and who can provide mortgage

Please note that Ecology will also consider mortgage applications from other community co- operatives such as pubs, cafes and community centres, but these will be assessed and priced on a case-by-case basis under the Society’s commercial lending criteria.

The key features of the mortgage include:

  • Repayment terms from 10 to 30 years
  • Available on a capital and interest repayment basis, with an initial interest-only period possible
  • Tiered interest rates linked to the level of equity raised
  • Lower interest rates for community shops that demonstrate 3 years’ successful trading accounts
  • New or emerging community shops with fewer than 3 years’ trading accounts can also benefit from Ecology’s ‘established’ shops interest rate reduction once 3 years’ successful trading has been achieved
  • All legal and valuation fees charged to the

To access this offer, there are some basic requirements that will need to be met for Ecology to consider lending:

  • Ecology require a minimum equity contribution towards the cost of your property of 20% (30% for new and emerging community-owned shops)
  • Ecology don’t necessarily require the premises to meet a high ecological standard to lend, although this is encouraged
  • Where works to the property are required or proposed, Ecology would need evidence that energy efficient measures and sustainable materials are used
  • Ecology require a first legal charge, so if your shop has existing secured borrowing, this would need to be transferred to Ecology and considered as part of your

For each successful mortgage completion, Ecology will make a donation to Plunkett Foundation to support their work and help establish even more community co-operatives.

To access this deal:

Contact Ecology Business Development Team directly on 01535 650774 or email commbiz@ecology.co.uk with any questions.