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A growing number of lenders are now offering green mortgages, which offer mortgage rewards for opting for an energy-efficient home. But do they really save you money? What Are Green Mortgages? The idea of green mortgages is to reward buyers who opt for an energy-efficient property in the form of cashback or a better interest […]
29 December 2022
Table of Contents
A growing number of lenders are now offering green mortgages, which offer mortgage rewards for opting for an energy-efficient home. But do they really save you money?
Table of Contents
The idea of green mortgages is to reward buyers who opt for an energy-efficient property in the form of cashback or a better interest rate. While not all lenders offer green mortgages, at the time of writing several high-street lenders now have such products on offer.
A small number of high-street lenders currently offer green mortgages. They are:
Other lenders that offer green mortgages include:
If you are buying an energy-efficient home, that is a property with an energy efficiency rating of A or B, you should be able to access green mortgage products. Some lenders will also offer incentivised products if you are making a property more energy efficient.
If you have improved your own property to an energy rating of B or above and want to remortgage or take a new product out, you may qualify for green mortgage products with lower interest rates and, in some cases, cashback. To understand what energy efficiency rating your property is, you should get an Energy Performance Certificate or EPC.
An Energy Performance Certificate (EPC) is a document that a property owner gets once an energy assessment is carried out at their property. It shows how energy efficient the property is and checks for things such as insulation. They last 10 years and are required when selling a property, so it is always worth checking with the owner or estate agent that the property has one.
Ratings go from A to G, with A being the most energy efficient. Older properties can be less energy efficient, so buying a new build property might be something to consider if you want a green home and be eligible for a green mortgage.
Green mortgage deals may not always be the cheapest option for you. The best way to compare deals and rates is to use an online comparison tool and also speak to an independent mortgage advisor, who can access the entire market of products and help you decide which product is right for you.
From mortgages and insurance to viewings, offers, exchange and completion, our Buyers’ Guide will take you through everything, step by step, from start to finish.
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