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Octopus Real Estate implements Kamma’s retrofit tool

  • 26/04/2024
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Octopus Real Estate implements Kamma’s retrofit tool
Octopus Real Estate has teamed up with software firm Kamma to give brokers and borrowers access to the latter’s retrofit tool.

The Retrofit Explorer tool offers an accurate, transparent view of the upfront cost and returns of retrofitting a home. It also recommends cost-effective methods for energy upgrades. 

This will be integrated into the Octopus Real Estate website to encourage retrofitting and bolster green residential lending. 

It will work in conjunction with Octopus Real Estate’s green product offering, which comprises refurbishment loans to fund up to £200,000 of works. Where a property’s EPC rating has been improved following works, borrowers will benefit from a 1.8% per year discount on the interest rate. 

Octopus Real Estate said that, when it came to making homes more efficient, borrowers were faced with the challenges of not understanding the costs, the return on investment and being unaware of what works to undertake. 

The lender said this partnership was a “no brainer” as it would help to decarbonise housing in the UK. 

Joe Webb, chief growth officer of Kamma, said: “Retrofitting offers benefits on many levels, reducing emissions, saving on energy bills and even adding to asset value. It further reduces transition risk, supports transition planning and limits financed emissions for lenders.

“In this context, the lack of actual activity in the market has been surprising. We aim, for the first time, to make these benefits clear to consumers and lenders alike, driving up retrofit activity and driving down emissions and energy bills.” 

Steve Matthews (pictured), head of residential lending at Octopus Real Estate, said: “We want to offer genuine incentives to customers seeking to borrow to improve their property investments. We’re delighted to partner with Kamma, who clearly illustrate the benefits from making positive changes.

“Together, we’re aiming to drive genuine change and improve the availability of quality, sustainable homes.” 

Last month, Octopus Real Estate revealed it had completed over £35m in green homes lending through the Greener Homes Alliance initiative. The scheme is in partnership with Homes England and offers discounted rates to developers to encourage energy-efficient projects.

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