Virgin Money has collaborated with sensible house power specialist Hive to launch The Retrofit Boost, a mortgage product designed to assist customers enhance their property’s power effectivity.
The Retrofit Boost mortgage gives customers a cashback quantity to make their house extra power environment friendly. Hive has a spread of packages for customers that may assist make their house extra power environment friendly and may also assist verify for grants. Customers are additionally free to spend their cashback with different suppliers to make the eligible improvements.
According to knowledge from the Office of National Statistics the common home Energy Performance Certificate (EPC) ranking within the UK is simply band D, highlighting the necessity for house power effectivity enchancment, the place band A is the gold customary.
Residential product choices accessible at launch have a £995 product payment and embrace:
Five-Year Fixed at 75% LTV at 4.99% with £3,000 cashback
Five-year mounted 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 mounted charge at 85% at 5.84% with £15,000 cashback
The Retrofit Boost mortgage is offered solely through any middleman registered with Virgin Money. The product is offered for each residential and Buy-to-let buy and remortgage customers.
Alexander Hall managing director and chair of The Green Mortgage Advice Initiative stated: “Virgin Money’s new Retrofit Boost product is a breath of recent 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 in terms of bigger retrofit initiatives like photo voltaic, battery storage and warmth pumps.”
“The essential distinction of their launch is in giving a ‘what subsequent’ possibility for shoppers, the inclusion of Hive, a trusted model providing skilled 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 will offer our purchasers, permitting us to have a well timed dialog about enhancing power effectivity at a vital level within the homeownership journey. Our experience lies in advising on the monetary features of the mortgage, whereas Virgin Money gives the funding, and a trusted companion delivers the retrofit options – it’s a improbable collaborative method that really advantages our purchasers.”
