Many homes in the UK are not cost effective and are inefficient to heat, meaning they have high energy bills which then leaves a large carbon footprint. There are many improvements everyone in the UK could do to be more energy efficient in their homes. Green Mortgages are just one of the incentives that they’re trying to do, to get us all thinking about how we can make our properties more energy efficient.
Green Mortgages are special products that lenders offer to reward you for buying, owning, or remortgaging a property which has an EPC rating of A, B or C.
If you’ve bought your property after 2008, or you’ve marketed a property since that time, you should get an EPC (Energy Performance Certificate) as standard. Many of us don’t know our EPC rating or know where to find it but fear not, there’s an online EPC register.
https://www.gov.uk/find-energy-certificate
EPC’s are valid for 10 years but you may wish to update your EPC if you have renovated your property or made any energy performance improvements since the certificate was last carried out. Things that may improve your home’s energy rating are new windows, doors, insulation, new roof etc. If you do want to upgrade your EPC rating you can, and it will cost you anywhere between £60 - £120.
As mentioned above, some lenders offer ‘Green’ products for people with the higher energy ratings and you access to much better rates.
Not many people know that these special products are available as they’re not often spoken about so if you’re planning to take a new mortgage deal out, it’s definitely something to keep in mind.
Are you wondering why you may want to get a green mortgage? Well, you can potentially get a cheaper rate or cash back and sometimes there’s other incentives too, such as a free valuation.
Green mortgages have ultimately been made available to help improve and save our planet. Any small change we can make to help the environment and the world we live has got to be worth a go, hasn’t it?
Some examples of how to increase your EPC rating include;
1. Upgrade the lighting to LED light bulbs
2. Insulate the walls and roof
3. Invest in double or triple-glazed windows
4. Upgrade the boiler
5. Install underfloor heating
6. Install a smart meter
7. Invest in renewable energy
8. Seek help from your energy supplier
Installing a smart meter or replacing light bulbs isn’t going to break the bank but some of the above suggestions can be costly, so won’t be a viable option for everyone. For example, solar panels which generate a renewable energy can cost up to £10,000 to be installed and it can take a number of years to benefit from the savings after taking into account the initial outlay.
