As a first step into offering green financing solutions to its customers Saffron Building Society has launched a retrofit mortgage and an environmental savings product.
The building society is offering a green Retro-Fit Mortgage designed to encourage borrowers to upgrade current housing stock to a better energy efficiency rating (EPC).
If updating a home, the mortgage offers an interest reduction reward for the remaining time of the two-year fixed rate. The borrower must be able to prove that any upgrades made to the property have improved the EPC by one band, to a minimum of a quite achievable E.
Greener finance strategy
In July 2019, the UK government launched its Green Finance strategy to improve on climate change, the environment and sustainable development. Financial institutions were encouraged to consider data and analytics relating to climate change and create ‘green financial products’ to further deliver on the countries aims for a greener future.
Laura Bright, product development manager at Saffron Building Society and the developer of the green products, commented: “I was made aware of the government’s green financing scheme last year. “Having studied the guidelines I was keen to create green products from Saffron that can help to further enhance the government’s strategy, whilst also taking the first step to a greener future for Saffron Building Society and our loyal customers.
“Each product offers a little incentive to encourage borrowers to think of the environment, whilst giving a little something to the charities working so hard to save our planet.”
Need some help?
It is so easy to find out if you qualify just select the upgrade you are interested in and then click the “see if I qualify” or “apply now” tab. Acting now could save you and your family a great deal of money over the coming years.