Virgin Money & Hive Launch Retrofit Boost “Green” Mortgage

In July, Virgin Money introduced a new mortgage product called the Retrofit Boost Mortgage with the aim to help homeowners improve the energy efficiency of their home by offering cashback between £3,000 and £15,000.

What is the Retrofit Boost Mortgage?

Virgin Money, in partnership with Hive Energy are offering customers between £3,000 and £15,000 cashback to spend on making their homes more energy efficient. This new product is an option for customers looking to lower their living costs and futureproof their homes. Lowering energy bills and making home improvements could help to boost the value of their property.

Products available

Product

Cashback

Five-year fixed

£3,000

Seven-year fixed

£10,000

Ten-year fixed

£15,000

You can borrow between £150,000 and £500,000 and it is available to residential and buy-to-let for both purchase and remortgage. It’s worth noting that the interest rates on the Retro Boost Mortgage products are higher than Virgin’s other products to compensate for the cashback they are providing. 

Home improvements

Improvements allowed can vary and include adding solar panels to your roof and installing a heat pump. The improvements you choose to make will depend on how much cashback is available but there are lots of options available.

This mortgage product is only available through intermediaries and the team at Mortgage Required would be happy to talk through whether this is the right option for you.

Recent posts

The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”

Almost one in five equity release mortgages are now taken out to provide financial support to family.

According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.

It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.

Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?

The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.

The chancellor has advised that landlords could have another tax to pay this autumn as the Treasury decide whether to extend national insurance contributions to rental income. 

According to a report in the Guardian, senior ministers have asked Treasury officials to look into a “proportional” property tax to see how it would work as an alternative to the existing stamp duty land tax on owner-occupied homes.