Mortgage rate cut for energy efficient homes under government-backed trials

Mortgage rate cut for energy efficient homes under government-backed trials

£4.1 million awarded to green finance projects to help homeowners make their homes more energy efficient.

£4.1 million awarded to green finance projects to help homeowners make their homes more energy efficient.Homeowners who make their properties more energy efficient could see their mortgage rate cut under a new government-backed pilot.

Perenna Bank will receive more than £193,000 in government funding to help develop their long-term, fixed-rate mortgage that will incentivise customers to make their homes more energy efficient by offering to reduce their mortgage rate.

Another trial will see buy-to-let landlords add the cost of making properties more energy efficient onto their mortgage – enabling them to borrow the money for the improvements and include it in their monthly repayments.

Ashman Bank Limited will be awarded £200,000 to design and develop this, which will assess a property’s energy efficiency, provide options on how it can be improved and incorporate the cost of carrying out the work on to the duration of the mortgage.

The projects are among 26 green finance products being developed and tested, backed by £4.1 million of government funding.

They are aimed at encouraging and helping homeowners make their properties more energy efficient, with measures such as loft insulation and double glazing. This in turn will help them save more than £460 a year on their energy bills – one of many ways the government is helping ease the cost of living for families across the country. Find out more from: www.gov.uk >

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Homeowners overestimating costs and timescales of energy improvements

Homeowners overestimating costs and timescales of energy improvements

Barclays is extending its Greener Home Reward Scheme after a study revealed many people overestimate the cost of making energy efficient upgrades to their homes.

Homeowners overestimating costs and timescales of energy improvementsMisconceptions around the cost and the time it takes to install energy efficiency-related modifications are among the issues holding homeowners back, the research shows.

The survey by Barclays and Ipsos of nearly 3,000 homeowners, shows many think the cost of installing solar panels, roof insulation and double glazing is higher than the actual cost.

As a result, over half (55%) do not feel confident making their homes more energy efficient, while a third (33%) ruled out making energy efficiency-related modifications altogether. The study reveals the gap between what homeowners actually paid on average to make improvements to their home, and the amount survey respondents expected to pay.

The largest discrepancy was the anticipated price of loft and pitch roof insulation (£3,371) versus what homeowners actually paid on average (£1,213).

The data also shows that homeowners think the installation of some modifications will take longer than the time works take. Read more from Mortgage Strategy >

Looking for advice from an experienced Mortgage Broker? We would love to help, simply call on: 07834 882 006. Alternatively, you can send us a message >

 
Disclaimer: Please be aware that by clicking on to the above links you are leaving Walker Beckett Mortgages website. Please note that Walker Beckett Mortgages nor HL Partnership Ltd are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.