As modern homeowners, we all want to take advantage of the green options available on the market today. Few things are more important than having a safe and energy-efficient home that is good for our planet and our wallets. But when it comes time to purchase a property, many British buyers don’t realise there are specialised mortgage products designed specifically with this goal in mind. For those looking to make their dream of owning an environmentally friendly house come true, here is an introduction to understanding green mortgages and how they can help you become part of the global effort towards sustainability!
Traditional versus Green Mortgages: The Difference
Traditional mortgages are loans taken out to finance the purchase of a home, and typically feature fixed or adjustable interest rates, and lengthy repayment periods. On the other hand, green mortgages incentivise borrowers to purchase energy-efficient homes or to make environmentally friendly renovations to existing properties. These loans often feature lower interest rates, longer repayment periods, and other financial benefits.
By promoting sustainable living, green mortgages have become increasingly popular in recent years, as many borrowers seek to reduce their carbon footprint and save money on energy bills. Green mortgages can be beneficial for the environment, as they encourage the construction of homes that are more energy-efficient and environmentally friendly.
How to Tell if a Home is Energy Efficient
When on the lookout for an energy-efficient home, one should consider several factors to ensure maximum sustainability and cost-effectiveness. Insulation is key. Look for homes with high-quality insulation to keep the heat inside during colder months, resulting in lower heating bills. Air-tightness is also crucial. A well-sealed home reduces heat loss and drafts, again contributing to lower energy bills. Additionally, double or triple-glazed windows help to maintain indoor temperatures and reduce noise pollution.
Investing in a good ventilation system is also recommended to ensure a steady flow of fresh air while reducing the need for additional heating or cooling systems. Don’t forget to check for renewable energy sources, such as solar panels, which can significantly decrease energy costs whilst reducing environmental impact. Overall, a little due diligence when selecting an energy-efficient home could save you a lot of money in the long-run, making it a wise investment for both your wallet and the planet.
Enjoy More Savings By Looking Up Local Incentives
There are a plethora of local incentives to help defray the cost of green improvements. One example was the Green Homes Grant which ran until March 2022. It offered homeowners up to £5,000 to make energy-efficient upgrades. There’s alse the Renewable Heat Incentive, which pays homeowners who install renewable heating systems like biomass boilers or ground source heat pumps. And let’s not forget about the reduced VAT rate of 5% for energy-saving improvements, such as insulation and solar panels. With all these incentives available, it’s never been a better time to go green and save some cash in the process!
Consider Future Value of the Property
When purchasing an energy-efficient home in the UK, one cannot ignore the future value it will hold. With the government’s commitment to reach net-zero carbon emissions by 2050, there is no doubt that properties with green features will only appreciate. In fact, a recent study showed that energy-efficient homes in the UK have increased in value by an average of £16,000 over the past decade. Not only will you be doing your part for the environment, but investing in an energy-efficient home is a smart financial decision. So why not kill two birds with one stone and make a sustainable and profitable investment?
Get Expert Advice
Consulting with experts is a no-brainer. These specialists can provide invaluable guidance on the green mortgage options available, helping you to navigate the ever-changing landscape of sustainable banking. Whether through attending seminars or webinars, or taking advantage of bespoke one-on-one consultations with Conran Mortgages’ green mortgage experts, you’ll be equipped with the knowledge and insights needed to make an intelligent, informed decision. Don’t leave your green property dreams to chance – get in touch with Conran Mortgages today and take the first step towards a brighter, more sustainable future.
Don’t Forget About Maintenance Costs
It’s important to bear in mind that you’ll be saving on energy bills, but maintenance costs can be higher than average. Ensuring that your home is kept in top condition is key to maintaining its energy efficiency. Regular servicing of your heating system, ventilation and insulation will go a long way in keep your home costs low. Also, be prepared for any unexpected expenses that could come up so that you’re not caught off guard. After all, nobody wants to be left in the cold with a high bill to fix something they hadn’t budgeted for!
To Sum It Up
Purchasing an energy efficient home with a green mortgage in the UK may just be the best decision you make this year. Not only can you enjoy more savings with local incentives but consider the future value of the property and the lower maintenance costs that come with an energy-efficient home. Make sure to research traditional versus green mortgages, get expert advice and know how to tell if a home is energy efficient before signing on dotted lines. For additional help, call Conran Mortgages for free advice when buying an energy-efficient home. It’s up to you to make smart decisions now, so make the most of it!