Ecology Building Society
Encyclopedia
Ecology Building Society is a Building Society
in the United Kingdom
. Established in 1981, the Ecology is based in West Yorkshire, and has over 10,000 open accounts. It is a member of the Building Societies Association
.
The initial vision was to set up a building society that specialised in properties that conveyed an ecological benefit in terms of construction, use of land or lifestyle. The idea was sparked at a Green Party
Conference, following the experience of a Yorkshire solicitor, David Pedley. He had great difficulty in finding anyone willing to give him a mortgage on a property needing extensive renovation.
The primary purpose of the Society is to achieve the greatest degree of environmental sustainability by the application of its financial strength as can be achieved concomitant with the legal framework that the Society is subject to. This is achieved by lending activity primarily to foster the creation and maintenance of a sustainable housing stock, where possible in the context of sustainable communities, but also to support green enterprise, with this lending programme fed by funding secured with the least degree of environmental degradation possible, and with the greatest degree of stakeholder endorsement obtainable.
This primary purpose is anchored in the Memorandum of the Society which contains a requirement “to promote…ecological policies designed to promote or enhance the environment in accordance with the principles of sustainable development”. Sustainable development is defined as “Improving the quality of human life while living within the carrying capacity of supporting ecosystems”.
The Ecology offers a range of mortgage products and lends throughout the UK. It specialises in renovation and new build mortgages on properties and projects that respect the environment. Where possible, mortgage pricing is aligned with the project's positive environmental impacts, in particular energy and carbon reduction, through its series of C-Change mortgage discounts. The society is particularly interested to see derelict and dilapidated property brought back into use. The Society also actively suports the widespread application of Passivhaus building principles in the UK.
The society also offers a range of savings accounts including instant access accounts, a notice account and an Individual Savings Account
(ISA), which allow individuals to fund the Society's ecological lending programme
Mortgage and Savings accounts can be managed online via the Ecology's website or by post.
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Established in 1981, the Ecology is based in West Yorkshire, and has over 10,000 open accounts. It is a member of the Building Societies Association
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...
.
The initial vision was to set up a building society that specialised in properties that conveyed an ecological benefit in terms of construction, use of land or lifestyle. The idea was sparked at a Green Party
Green Party of England and Wales
The Green Party of England and Wales is a political party in England and Wales which follows the traditions of Green politics and maintains a strong commitment to social progressivism. It is the largest Green party in the United Kingdom, containing within it various regional divisions including...
Conference, following the experience of a Yorkshire solicitor, David Pedley. He had great difficulty in finding anyone willing to give him a mortgage on a property needing extensive renovation.
The primary purpose of the Society is to achieve the greatest degree of environmental sustainability by the application of its financial strength as can be achieved concomitant with the legal framework that the Society is subject to. This is achieved by lending activity primarily to foster the creation and maintenance of a sustainable housing stock, where possible in the context of sustainable communities, but also to support green enterprise, with this lending programme fed by funding secured with the least degree of environmental degradation possible, and with the greatest degree of stakeholder endorsement obtainable.
This primary purpose is anchored in the Memorandum of the Society which contains a requirement “to promote…ecological policies designed to promote or enhance the environment in accordance with the principles of sustainable development”. Sustainable development is defined as “Improving the quality of human life while living within the carrying capacity of supporting ecosystems”.
The Ecology offers a range of mortgage products and lends throughout the UK. It specialises in renovation and new build mortgages on properties and projects that respect the environment. Where possible, mortgage pricing is aligned with the project's positive environmental impacts, in particular energy and carbon reduction, through its series of C-Change mortgage discounts. The society is particularly interested to see derelict and dilapidated property brought back into use. The Society also actively suports the widespread application of Passivhaus building principles in the UK.
The society also offers a range of savings accounts including instant access accounts, a notice account and an Individual Savings Account
Individual Savings Account
An Individual Savings Account is a financial product available to residents in the United Kingdom. It is designed for the purpose of investment and savings with a favourable tax status. Money is contributed from after tax income and not subjected to income tax or capital gains tax within a holding...
(ISA), which allow individuals to fund the Society's ecological lending programme
Mortgage and Savings accounts can be managed online via the Ecology's website or by post.