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.
Recent posts
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
The Bank of England Governor, Andrew Bailey, has advised that, due to the “very big energy shock” the economy is facing, they won’t be in a rush to increase UK interest rates.
Many homeowners don’t realise that a simple act or oversight could invalidate their home insurance policy. Home insurance is essential in protecting your most valuable assets; however, it is important to understand what affects your cover to ensure you are fully protected.
In certain areas, impressive views are one feature that buyers are willing to pay price premiums of more than 30 per cent.
The UK mortgage market is seeing lenders withdraw deals and hike mortgage rates amid the escalation of conflict in Iran. This isn’t great news for borrowers, with the average rate for a two-year fixed deal sitting above 5%.
Statistics now show that those looking to purchase a property would have to save a deposit bigger than their annual gross pay.
Analysis from the Office for Budget Responsibility (OBR) shows that those looking to buy their first home could face a sharp increase if house prices follow the latest predictions, as Coventry Building Society suggests.
According to Zoopla, four in 10 homes are now cheaper to buy with a mortgage than to rent due to lower-cost mortgages - a sign that ownership is becoming more affordable.
More information
Trusted by
