A green mortgage in the UK is a mortgage that offers buyers of energy-efficient homes favourable terms for this choice of property. Most often, lenders offer a lower rate of interest or cashback on green mortgages.
Each lender will have its own terms and conditions and maximum loan-to-values for green mortgages. It is likely that your property will need to meet a minimum level of energy efficiency. For example, Barclays requires an energy efficiency rating of 81 or above or an Energy Performance Certificate (EPC) at bands A or B. NatWest requests an EPC at A or B. Nationwide Building Society has a minimum efficiency rating of 86. The Ecology Building Society bases its whole ethos around supporting ecological building practices and sustainable communities. It offers a discount on the mortgage interest rate based on the improvement made in your property’s EPC rating. This is available for renovations, conversions and new self-build properties as well as purchasing a new-build property. This discount is then applied for the full term of your mortgage.
Those purchasing a new-build should receive a Predicted Energy Assessment to provide a predicted energy rating. Lenders may ask to see this to check you are eligible for a green mortgage. Lenders may also require buyers to purchase a new-build directly from the developer.
A mortgage broker can help to make sure that you find the right mortgage for you. Speak to our preferred mortgage broker, Mortgage Advice Bureau and find our how they can help you.
Barclays launched the first green residential mortgage in 2018, and in July 2020 Just Group launched the first green lifetime mortgage. Both building societies and high street banks now offer green mortgages.
Green mortgages can offer more competitive mortgages rates as some lenders discount these as a reward for purchasing an energy efficient home. Other lenders offer cashback as an incentive.
Mortgage brokers remove a lot of the paperwork and hassle of getting a mortgage, as well as helping you access exclusive products and rates that aren’t available to the public. Mortgage brokers are regulated by the Financial Conduct Authority (FCA) and are required to pass specific qualifications before they can give you advice.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Ethical mortgages don’t currently exist as a category but there are ethical lenders offering mortgages. These include Triodos, The Co-Operative Bank and Sharia Banks offering house purchase plans.
From expected profit rate to home purchase plans, there are a number of terms you will have to know if you are to consider a provider which complies with Islamic banking principles. Also known as Sharia’a banking, we explain below how this works.
From expected profit rate to home purchase plans, there are a number of terms to consider when using an Islamic banking provider.
Open Banking is a practice that allows you to securely share your financial data with authorised third-party providers, such as budgeting apps or other banks, through APIs. Depending on the app or service, you can also give them permission to make payments directly from your account.
Open Banking is a practice that allows you to securely share your financial data with authorised third-party providers such as apps or other banks, through APIs
If you are in the process of buying or selling a property, chances are you have come across a host of legal jargon. From a BACS Transfer to Apportionment, there are many terms which need explaining. Below, our commercial partners ULS have summarised some of these terms.
If you are in the process of buying or selling a property, chances are you have come across a host of legal jargon. Read our glossary to find out more.
Whether you are looking to invest for your future, save for retirement, or find your perfect mortgage you have probably come across a term called inflation. With its widening effect, it is important to understand what inflation is, why it is necessary, and how it affects the economy.
Whether you are looking to invest for your future, save for retirement, or find your perfect mortgage you have probably come across a term called inflation.
Looking for a new mortgage? Nationwide Building Society should probably be on your radar. Voted as one of the best mortgage providers at the annual Moneyfacts Consumer Awards, Nationwide has a lot to offer, but just what can you expect from Nationwide mortgages? Here’s everything you need to know
Voted as one of the best mortgage providers, Nationwide has a lot to offer borrowers, but just what can you expect from Nationwide mortgages?
Fixed rate mortgages are typically the first port of call for borrowers, offering rate certainty and set repayments that can make the process of homeownership more streamlined and potentially cheaper, too. But the question is, for how long should you fix your mortgage?
For how long should you fix your mortgage? This guide will discuss your options in more detail.
Looking for a new mortgage? NatWest is probably on your radar. Here’s everything you need to know about NatWest mortgages, and you can see where they rank against their peers by checking out our mortgage charts.
Looking for a new mortgage? NatWest is probably on your radar. Here’s everything you need to know about NatWest mortgages.
As one of the biggest mortgage lenders in the UK, Halifax has probably come up in your search for a new mortgage deal. But what can you expect from Halifax mortgages? Here’s the lowdown on everything you need to know.
As one of the biggest mortgage lenders in the UK, Halifax has probably come up in your search for a new mortgage deal. But what can you expect from Halifax?
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