Getting Colder: How to Winter-Proof Your Mortgage, Home, and Bills

Autumn’s shortening days, longer nights and dropping temperatures often herald a corresponding pinch in our finances. This makes October’s blog the perfect time to talk about green mortgages, which could you save you significant money off regular bills, as well as making your home more efficient and comfortable.

Firstly, we packed plenty into September, with lots of summer homemoves- congratulations to everyone settling into your new homes!

Well done to our local Chorley council for their excellent education and support events for World Alzheimer’s Month. Rachel has signed up with the brilliant Alzheimer’s Society’s ‘Dementia Friends’ scheme and if you would like to discover small ways to make a big difference to a friend, loved one, or in your community visit www.alzheimers.org.uk/get-involved/

Also - a sneaky well done to us, for reaching 300 5* Google reviews! Thank you- we genuinely read, reply to, and act on every one, from recognising our hardworking team to incorporating your great ideas for even better service. To read or add your Aspect experience, just Google us and select Reviews.

With Rachel Reeves’ (at the time of writing!) second budget due at the end of November, from stamp duty to capital gains tax, we’ll be all over the facts as they’re announced. Watch this space for anything affecting the moving, mortgage and lettings markets, speedily distilled in our next blog and Facebook updates. So with most of us paying attention to every penny, let’s look at how going green with your mortgage (or remortgage) could keep you out of the red and in the pink:

What Are Green Mortgages?

A relatively new but growing part of the UK mortgage market, green mortgages offer financial incentives to homeowners who buy or own energy-efficient properties, or who make eco-friendly home improvements to their home. Historically, the UK has one of the world’s oldest and least energy-efficient housing stocks, with an average Energy Performance Certificate (EPC) rating D, on a scale of A to G.

Designed to encourage homeowners to buy homes with a higher EPC, or upgrade their existing homes, rewards range from lower interest rates and greater borrowing capacity to grants for energy-saving improvements and lower utility bills, adding up to significant long-term savings.

Key Features and Benefits can Include:

·Generally lower interest rates and monthly payments compared to standard mortgage products

·One-off, tax-free cashback payments upon securing a green mortgage

·Higher mortgage borrowing limits if required

·Borrowing capacity for specific green upgrades

·Lower monthly running costs for energy-efficient homes

·More attractive to buyers if/when you move; potentially increased market value

·Enhanced and consistent indoor comfort, summer as well as winter

·Future-proofing against potential future EPC requirements (an increasingly important consideration for landlords)

·Help combat climate change by reducing your carbon footprint

How Could I Qualify For a Green Mortgage?

·Buying a new-build or energy-efficient home

·Remortgaging an energy-efficient property from a standard to a green mortgage

·Improving an older home (your current or newly-purchased), by actions including:

oUpgrading insulation

oFitting renewable energy systems (heat pumps, solar panels, domestic wind turbines)

oImproving current heating systems (smart thermostats, A-rated condensing boilers)

oFitting energy-efficient windows and doors (triple-glazing)

oEnergy-saving electrical upgrades (LED lighting, A+++ rated domestic appliances)

While most green mortgages and home improvement grants will require improvements to EPC rating A or B, even improving from D to C could save an estimated £723 per year on annual energy bills, helping take the sting out of a cold winter.

How Do I Find Out More About Green Mortgages?

While still in the minority, the green mortgage market is due to be boosted by an exciting new initiative, endorsed by dozens of major organisations from the finance, energy and building sectors, including Santander, Barratt Redrow, and the Association of Mortgage Intermediaries. The Green Home Finance Roadmap outlines a comprehensive strategy for establishing a robust green mortgage sector in the UK, supported by the Government as a key tool for boosting energy efficiency through clean technologies to improve living conditions, reduce household energy bills, and shield homeowners from utility bill spikes.

Over half of UK mortgage lenders currently offer green, net zero or energy efficiency-linked deals, and this is set to rise. Whether you’re looking to buy for the first time, move home, remortgage and home improve, or expand a buy-to-let portfolio, as independent advisors with access to the whole market, we can tailor our advice and searches to your unique circumstances, goals and budget, so you get the green mortgage that works for you.

For general green mortgage information, or personalised deals, don’t hesitate to call us for friendly, experienced service on 01257 812345, or drop us an email [email protected] . Wishing you a great autumn (don’t forget to put the clocks back!); until we see you on the other side of the budget, remember to keep an eye on our Facebook for the latest news and tips.