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What To Consider When Taking Out A Bridge Loan
January 12, 2022What Are Green Mortgages?
If you’re considering moving house in the near future, you might want to investigate your options where green mortgages are concerned, a relatively new product that only entered the market back in 2018, when Barclays launched its first green residential mortgage.
Green mortgages are those that reward people for investing in an energy-efficient property, offering them more favourable terms for their loan. This could be in the form of lower interest rates, for example, or cashback when the mortgage is taken out - or even both.
The property you’re interested in will likely need to meet minimum levels of energy efficiency, with an Energy Performance Certificate at either bands A or B.
If you’re investing in a new-build, you will be given a predicted energy assessment so you’re able to provide your lender with a predicted energy rating, which will be used to see if you’re eligible for a mortgage of this kind.
Many of the biggest lenders in the UK now offer these kinds of deals, with the Guardian reporting last month (November) that some providers are also offering their existing mortgage customers additional borrowing at discounted rates so they can pay for eco-friendly home improvements like replacing draughty windows, adding solar panels or upgrading heating systems.
Earlier this year, Defaqto revealed that while green mortgages aren’t new, they’ve really started to take off in 2021, with several mainstream lenders entering the market. There are now 26 green mortgage products available, compared to a year ago when there were only a few to choose from.
Banking expert Katie Brain said: “Anyone buying a property with an energy efficiency rating of A or B would be wise to consider all their borrowing options to get the right product for them.
“They should look at all the features, such as the interest rate and introductory deal period, as well as any upfront incentives, to make sure they get the right product for them. An independent financial adviser can help with this.”
If you’d like any help relating to green mortgages or other such products, get in touch with us for independent mortgage advice.
A fee may be charged for mortgage advice. The exact amount will depend on your circumstances. I.I Financial Services Limited is an appointed representative of The Right Mortgage Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales company no. 10817448. Registered office Expressway G15, 1 Dock Road, London, E16 1AH
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Imran created I.I Financial Services Ltd. in 2020 after working in the mortgage industry for over 10 years. His main reason for ‘going it alone’ was Imran’s unwavering desire to put his clients first. Imran has worked for large corporate companies as well as smaller independent brokers but what he loves is the personal customer experience. His clients are like his family. Imran loves a challenge and when faced with an unusual case he will find a way to satisfy the clients’ needs. Nothing is too difficult. Imran is a family man who devotes his spare time to his three children. Anyone who knows Imran would describe him as fun, with a great sense of humour, generous, caring and extremely professional. Once you have met Imran and experienced his service you will stay with him for life.
