Government offers mortgage help for green home improvements
Borrowers could have access to cheaper mortgage rates in future under plans to incentivise lenders to roll out more green mortgages.
The government has announced a £5 million fund to help the financial sector develop green home finance products, like green mortgages.
Green mortgages give customers discounted mortgage rates once they have upgraded the energy rating of their home.
Aaron Strutt, product director at Trinity Financial, says: “Very few of the lenders currently offer Green mortgages and lenders need to do more to boost this part of the market.
“Barclays recently won the award for Innovator of the year at the Moneywise awards for its Green Home Mortgage targeting the new build sector.”
Around 15% of the UK’s carbon emissions come from homes, and as the UK tries to move to a net zero economy, more effort need to be made to make buildings cleaner and fit for the future.
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