£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 >