13 Sep 2024
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.
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