Ecology introduces proc fees

The change comes after a successful trial period and apply with immediate effect. The fees are 0.35 per cent of the loan value (minimum £300 – maximum £1,000) and are payable upon completion. The fees are payable on all new residential owner occupier Standard Variable Rate mortgages and Shared Ownership mortgages. Ecology has not previously offered introducer fees, but, fuelled by a growing awareness of environmental and energy efficiency issues, more and more brokers have been enquiring about ‘green’ mortgages and it was felt appropriate to encourage this interest.

Ecology Building Society is a truly green lender and its environmentally informed lending programme supports many projects and properties that other lenders reject. It will only lend where there is a positive environmental benefit, for example where; energy saving measures or renewable energy technologies are being installed to improve the energy efficiency of an existing property; a run-down building is being renovated or converted; or a new energy efficient home is being built using sustainable materials.

Ecology also lends on properties that are classed as ‘non-standard’ or ‘unmortgageable’ by some lenders, such as buildings constructed from traditional materials like timber, cob or straw bale.

Paul Ellis, chief executive of Ecology, commented: "We have always appreciated the hard work done by mortgage introducers - especially as our lending is not always straightforward and sometimes requires a greater level of involvement. We have always been happy to receive introduced business and are now rewarding brokers by offering these fees."