Virgin Money has introduced a new mortgage product, The Retrofit Boost, in partnership with Hive, designed to support homeowners in enhancing their properties’ energy efficiency.
This initiative aims to meet the increasing demand for sustainable housing solutions.
The Retrofit Boost mortgage offers cashback incentives ranging from £3,000 to £15,000, depending on the chosen fixed-rate term and loan-to-value ratio.
These funds are earmarked specifically for energy efficiency improvements such as solar panel installations, battery storage systems and heat pump upgrades.
According to the Office for National Statistics, the average Energy Performance Certificate rating for UK homes stands at band D, highlighting the widespread need for energy efficiency enhancements.
Richard Merrett, Managing Director at Alexander Hall and Chair of The Green Mortgage Advice Initiative, said: “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.”
Dan Rosenfield, Managing Director of Centrica New Business and Net Zero, commented: “We are committed to helping people decarbonise their homes in a way that is simple and affordable for them.
“Through this collaboration, we are pleased to share our decades of expertise which take the hassle out of home improvement.”
