Green mortgages

Government announces plans to roll out green mortgages

The government has revealed plans to introduce green mortgages to cut mortgage costs as well as reduce energy bills and emissions for households.

A £5m fund — part of the Green Finance Strategy — has been implemented by the government to help the financial sector develop green home finance products, including green mortgages.

Green mortgages would give customers access to discounted mortgage rates once they have upgraded the energy efficiency of their homes.

The government has also announced plans to offer the industry a chance of winning a share of a £10m innovation fund if companies design ways of reducing the cost of retrofitting the UK’s old housing stock.

“To fulfil our world-leading commitment to reach net zero emissions by 2050, we need an overhaul of our housing stock to tackle the disproportionate amount of carbon emissions from buildings,” said Chris Skidmore, energy and clean growth minister.

“By rolling out more green mortgages and reducing the costs of retrofitting older homes, we’re encouraging homeowners to improve the efficiency of their homes and save money on their energy bills, helping to ensure everyone has access to a warm and comfortable home.”

Leave a comment