Virgin Money has collaborated with smart home energy specialist Hive to launch The Retrofit Boost, a mortgage product designed to help customers improve their property’s energy efficiency.
The Retrofit Boost mortgage offers customers a cashback amount to make their home more energy efficient. Hive has a range of packages for customers that can help make their home more energy efficient and can also help check for grants. Customers are also free to spend their cashback with other suppliers to make the eligible improvements.
According to data from the Office of National Statistics the average house Energy Performance Certificate (EPC) rating in the UK is just band D, highlighting the need for home energy efficiency improvement, where band A is the gold standard.
Residential product options available at launch have a £995 product fee and include:
- Five-Year Fixed at 75% LTV at 4.99% with £3,000 cashback
- Five-year fixed at 85% LTV at 5.04% with £3,000 cashback
- Seven-Year Fixed at 85% LTV at 5.74% with £10,000 cashback
- Ten-year fixed rate at 85% at 5.84% with £15,000 cashback
The Retrofit Boost mortgage is available exclusively via any intermediary registered with Virgin Money. The product is available for both residential and Buy-to-let purchase and remortgage customers.
Alexander Hall managing director and chair of The Green Mortgage Advice Initiative said: “Virgin Money’s new Retrofit Boost product is a breath of fresh air for homeowners and landlords. The cashback options, ranging from £3,000 to a substantial £15,000, have the potential to make a real difference, especially when it comes to larger retrofit projects like solar, battery storage and heat pumps.”
“The crucial difference in their launch is in giving a ‘what next’ option for consumers, the inclusion of Hive, a trusted brand offering expert advice on energy-efficient solutions, simplifies the journey for clients by providing the ability to research and coordinate the retrofit process. “
He added: “As a broker, it expands the range of products we can offer our clients, allowing us to have a timely conversation about improving energy efficiency at a crucial point in the homeownership journey. Our expertise lies in advising on the financial aspects of the mortgage, while Virgin Money provides the funding, and a trusted partner delivers the retrofit solutions – it’s a fantastic collaborative approach that truly benefits our clients.”
