Virgin Money has collaborated with sensible residence power specialist Hive to launch The Retrofit Boost, a mortgage product designed to assist clients enhance their property’s power effectivity.
The Retrofit Boost mortgage affords clients a cashback quantity to make their residence extra power environment friendly. Hive has a variety of packages for purchasers that may assist make their residence extra power environment friendly and also can assist verify for grants. Customers are additionally free to spend their cashback with different suppliers to make the eligible improvements.
According to information from the Office of National Statistics the typical home Energy Performance Certificate (EPC) score within the UK is simply band D, highlighting the necessity for residence power effectivity enchancment, the place band A is the gold customary.
Residential product choices obtainable at launch have a £995 product payment and embrace:
Five-Year Fixed at 75% LTV at 4.99% with £3,000 cashback
Five-year fastened at 85% LTV at 5.04% with £3,000 cashback
Seven-Year Fixed at 85% LTV at 5.74% with £10,000 cashback
Ten-year fastened charge at 85% at 5.84% with £15,000 cashback
The Retrofit Boost mortgage is obtainable solely by way of any middleman registered with Virgin Money. The product is obtainable for each residential and Buy-to-let buy and remortgage clients.
Alexander Hall managing director and chair of The Green Mortgage Advice Initiative Richard Merrett stated: “Virgin Money’s new Retrofit Boost product is a breath of contemporary air for owners and landlords. The cashback choices, starting from £3,000 to a considerable £15,000, have the potential to make an actual distinction, particularly when it comes to bigger retrofit tasks like photo voltaic, battery storage and warmth pumps.”
“The essential distinction of their launch is in giving a ‘what subsequent’ possibility for customers, the inclusion of Hive, a trusted model providing knowledgeable recommendation on energy-efficient options, simplifies the journey for purchasers by offering the power to analysis and coordinate the retrofit course of. “
He added: “As a dealer, it expands the vary of merchandise we are able to supply our purchasers, permitting us to have a well timed dialog about bettering power effectivity at an important level within the homeownership journey. Our experience lies in advising on the monetary points of the mortgage, whereas Virgin Money offers the funding, and a trusted companion delivers the retrofit options – it’s a improbable collaborative strategy that really advantages our purchasers.”
