Coventry for Intermediaries has launched a ‘Green Together Reward’, a Â£ 500 incentive for borrowers to improve the energy efficiency of their property and reduce carbon emissions.
The Green Together Reward is open to Residential and Rental Borrowers (BTLs) who apply for a new mortgage or change their mortgage or existing terms, and is a separate process from applying for a mortgage.
Over 20 types of energy efficient home improvements are eligible for the Coventry Green Together Award.
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Borrowers can make up to six home improvements from the approved list on the lender’s website and there is a minimum spend of Â£ 2,500 but no maximum.
The work must also be performed by a company registered with TrustMark – the government approved quality system.
Kevin Purvey, director of mortgage distribution at the Coventry Building Society, said: âGreener homes are not only attractive to homeowners, they are also popular with potential buyers.
âAbove all, they help make a real difference in the effect we all have on the environment.
âLike many lenders in the market, we are looking to take a more active role in encouraging and promoting greener homes to help improve the environmental impact of the UK property market.
âWe want to help our borrowers reduce their home’s energy use, and our Green Together Reward encourages borrowers to make these energy-efficient upgrades.
âAnd with energy costs currently on the rise, now is a great time for homeowners to take action to reduce the amount of energy they use in the home.
âWe believe brokers can play a valuable role in encouraging more homeowners to consider improving the energy efficiency of their homes, which is why we have provided brokers with the resources they need to understand the program and chat with their customers.
“We are also delighted to have adhered to the Green Home RetroFit Funding Principles of the Green Finance Institute and look forward to working closely with the GFI in the future to find ways to help our industry support big changes. in terms of the environmental impact of the real estate and financial sectors.
âWe are always looking for new ways to develop innovative products and our Green Together Reward is another opportunity for us to support new and existing borrowers. “
Emma Harvey, Program Director at the Green Finance Institute, added: ‘Closing the Â£ 250bn investment gap to decarbonize UK homes will require innovative financial solutions that help homeowners achieve genuine green results. and verifiable.
âWe welcome the launch today of the Green Together Reward by Coventry Building Society – the latest financial product to align with our Green Home Finance principles – and a valuable opportunity for intermediaries to engage and support clients. in their journey from net zero. “