You are here: Home - News -

Virgin launches retrofit mortgages with up to £15k cashback

  • 09/07/2024
  • 0
Virgin launches retrofit mortgages with up to £15k cashback
Virgin Money has collaborated with smart home device provider Hive to launch a mortgage product encouraging borrowers to be energy efficient.

The Retrofit Boost mortgage will help borrowers to improve the energy efficiency of their homes with a cashback incentive of up to £15,000. 

The products have a £995 fee and there is a five-year fix at 75% loan to value (LTV) with a rate of 4.99% and £3,000 cashback. 

At 85% LTV, the cashback incentive is also £3,000 and the product rate is 5.04%. 

There is a seven-year fixed deal also at 85% LTV, with a rate of 5.74% and £10,000 cashback. At the same tier, Virgin Money has a 10-year fix priced at 5.84% with £15,000 cashback. 

Loans sizes of between £150,000 and £500,000 will be available. 

Hive has a range of packages to help borrowers make their homes more sustainable and can help people check whether they are eligible for any grants. Borrowers can also use the cashback with other suppliers to make eligible improvements to their homes. 

The mortgage is available exclusively through intermediaries registered with Virgin Money and is open to residential and buy-to-let (BTL) borrowers for both purchase and remortgage. 

Craig Calder, head of secured lending at Virgin Money, said the bank was “proud to collaborate with Hive” and said its experts would be available to guide customers through their options to make the most of the mortgage range’s benefits. 

He added: “At Virgin Money, we recognise the increasing desire among customers to create more efficient living spaces. However, traditional financing options for home efficiency upgrades can be restrictive. The Retrofit Boost Mortgage is designed to dismantle these barriers.

“By providing cashback specifically for efficiency improvements, this mortgage product removes a significant financial obstacle. The incentive empowers customers to invest in a more comfortable, sustainable and potentially cost-effective living environment.” 


The potential to make a real difference 

Richard Merrett, managing director at Alexander Hall and chair of the Green Mortgage Advice Initiative (GMAI), said the product was a “breath of fresh air” for homeowners and landlords. 

He added: “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. 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.” 

There are 0 Comment(s)

Leave a Reply

You may also be interested in