In a bid to make UK homes more efficient, the Government is offering funding to the financial sector to help with the development of green mortgages.
The new mortgage product is part of the Green Finance Strategy and would give customers discounted mortgage rates once they have upgraded the energy rating of their home.
The new strategy is part of the country’s drive to meet its zero-net emissions target. Interim Energy and Clean Growth Minister, Chris Skidmore said: “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.”
The Government has also announced the Green Home Finance Innovation Fund (GHFIF), which will support the development of new equity loans and home improvement loans that will help homeowners make the upgrades they need to improve energy efficiency.