Green mortgages represent a growing trend in sustainable housing finance, appealing to eco-conscious buyers and helping reduce overall homeownership costs through energy savings. We caught up with Damien Byrne, Mortgage & Insurance Advisor at Wise One UK, to find out more.
A green mortgage is a type of mortgage that offers preferential terms to buyers of energy-efficient properties, such as new build homes, or to those who make energy-saving improvements to their homes.
The goal of green mortgages is to encourage homeowners to invest in more energy efficient homes and reduce the overall carbon footprint of housing.
The benefits of opting for a green mortgage could be as follows:
Most high street lenders now offer green mortgage products to customers buying new build homes with an energy rating of A or B. However, not all lenders offer them, so finding one specialising in these products is essential. The application process is similar to a traditional mortgage, but the lender will consider energy savings in determining loan terms. An energy audit or assessment may also be required to assess the property’s energy efficiency.
The best advice would be to shop around – green mortgage terms and benefits vary, so compare multiple lenders to get the best terms. Also, don’t be afraid to ask for help; Wise One has a lot of experience in green mortgages which can be really valuable in navigating the options and requirements, helping you to secure the best deal.
For more information about green mortgages, please visit www.wiseoneuk.com
