The residential Green Reward Remortgages are available to those existing owner-occupier borrowers who have made improvements to their home and subsequently raised their Energy Performance Certificate (EPC) rating to a ‘C’ or above..
Both these new two- and five-year products are available to borrowers who just miss out on the high-street - and are priced as follows:
- Two-year fix at 3.24% for 75% LTV and 4.39% for 85% LTV
- Five-year fix at 3.59% for 75% LTV and 4.74% for 85% LTV
The ‘reward’ element of the product is £750 cashback on completion plus a reduced product fee of £595, normally £995, with the products only available on a capital and interest repayment basis.
The product is available on properties which have an Energy Performance Certificate (EPC) rating of ‘C’ or above – dated within the last 24 months, except for listed properties (which do not hold EPCs).
The product has been designed to provide a specialist mortgage solution to those homeowners who have made energy efficient improvements to their homes and deserve to be rewarded for their ‘green’ endeavours. The remortgage offering is a further catalyst to support the reduction of the carbon footprint from UK residential properties.
George Gee, our Commercial Director, said:
"Having launched our ‘Green Reward’ remortgage offering for landlords during February, we’re now able to offer expand our green offer to residential borrowers with both 75% and 85% LTV products over two- and five-year terms, providing a greater degree of choice for those borrowers who are not able to access high-street lenders, but who undoubtedly should be rewarded for improving the energy efficiency of their home.
“When the low product fee and cashback are taken into account, these products’ total cost overall will tend to work out more advantageous for those homeowners who have secured the better EPC rating in the last 24 months. We believe this gives advisers another set of excellent choices for those clients who fill the bill.”
FOR INTERMEDIARIES ONLY