How are banks helping people reduce their carbon footprint?
We all know that putting energy saving measures into our home can be expensive. But help is out there thanks to a number of UK banks which are offering green schemes to support people who want to make changes to their home in a bid to reduce their carbon footprint as well as their bills.
- Barclays: For anyone who purchases new-build property or a property bought directly from a builder with an EPC rating A or B if the property, you could benefit from a preferential interest rate. In addition, the Greener Home Reward scheme offers between £500 and £2,000 to eligible customers with a Barclays Mortgage. It could be adding solar panels, insulation, a heat pump and more.
- Natwest: The Green Mortgages scheme is a reward you for purchasing or remortgaging an energy efficient home. It is a reduced mortgage rate on a 2 year or 5 year fixed rate mortgage. You could be eligible if you're purchasing or remortgaging a property with a valid Energy Performance Certificate (EPC) rating of A or B.
- Virgin Money: The Greener Mortgages scheme is applicable if you're buying an energy efficient new build home. You could get a mortgage rate that's lower than the bank's core range, which is fixed for two or five years.
- Nationwide: This scheme offers £500 cashback on mortgages where you're buying a property with an EPC rating of A, or £250 if it's B rated. In addition, Nationwide also offers extra 'green' borrowing, which means you can benefit from a preferential interest rate on money borrowed to carry out green home improvements. You can borrow between £5,000 and £25,000 on a two-year or five-year fix.
- TSB: Existing homeowners can get a preferential interest with a TSB mortgage if you're looking to borrow extra cash to carry out green home improvements. The preferential rate only applies to the part of the extra cash set aside for the green improvements. In addition, TSB also plants a tree for every property purchased with the help of a TSB mortgage.
For more comprehensive coverage, please visit Money Saving Expert's piece on Green mortgages here.
Please note that we are not offering financial advice but simply sharing the products which are available on the market.