It also partners with sustainable energy firms to provide more discounts
With increased pressure on homeowners to meet EPC standards which can improve the efficiency of, and raise the value of, their homes, high street mortgage lender Halifax has introduced the Green Living Reward, offering up to £2,000 cashback to home buyers, movers, and homeowners undertaking energy-saving improvements.
Available to Halifax mortgage customers with a current account who are taking out new lending or a new deal, the Green Living Reward allows mortgage customers to earn the £2,000 cashback for installing a heat pump or up to £1,000 for other energy efficiency upgrades such as solar panels and battery storage. A range of other upgrades, including biomass pellet boilers, solar thermal heating, various types of glazing, and multiple forms of insulation, qualify for £500 cashback.
The initiative aims to support customers in making their homes more energy efficient, warmer, and cost effective to run over the next 12 months. Funding options for these improvements include savings, government grants, additional borrowing, or a combination of these.
Customers are eligible for the Green Living Reward benefits upon completing their mortgage application, which can be for purchasing a home, buy-to-let (direct only) properties, remortgaging, or taking a further advance. After completing their loan, they have 12 months to make a claim. Halifax has launched an online service to assist with the process, offering guidance, reminders, and claim tracking.
To claim the cashback, customers need to submit their tradesperson’s invoice as proof of completed work. The lender aims to process payments within five working days of a claim being made.
Halifax, one of the UK’s largest mortgage lenders, has also partnered with Effective Home and Octopus Energy to streamline the process for customers, with Effective Home offering an additional £500 discount on solar panel packages and Octopus Energy providing a £100 energy bill credit for customers installing air source heat pumps.
With UK housing contributing around 16% of the nation’s carbon emissions, the government has urged landlords and homeowners to meet minimum energy efficiency standards. This push for greener homes has led mortgage borrowers to opt for energy-efficient options, prompting lenders to respond with rate cuts, discounts, and other incentives for their green mortgage products.
“We are committed to helping our customers live in warmer, more energy-efficient homes on the journey to Net Zero,” said Andrew Asaam (pictured), mortgages director at Halifax. “Green Living Reward offers an incentive to anyone that wants to make their home more energy efficient but is concerned about the cost.”
The Green Living Reward is available through various channels, including in-branch, online, by phone, or through mortgage brokers. A similar offer is available for Lloyds Bank and Bank of Scotland mortgage customers.
The move makes Halifax the latest in a series of lenders to offer green incentives. Last month, Together announced its own partnership to help borrowers enhance the efficiency of their homes.
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