In a groundbreaking move for homeowners, Virgin Money has teamed up with smart energy experts Hive to launch a new mortgage deal designed to help make homes more energy efficient – and put cash back in your pocket!

The new “Retrofit Boost” mortgage offers borrowers cashback when they make energy-saving improvements to their homes. This cash can be used towards a range of improvements, including insulation, solar panels and heat pumps.

With the average UK home only achieving a dismal ‘D’ energy performance rating (EPC), this new scheme aims to make going green more affordable.

Here’s the deal:

• Cashback options: Get up to £15,000 cashback depending on your mortgage choice.
• Fixed-rate options: Choose from fixed-rate deals lasting 5, 7, or 10 years.
• Expert help at hand: Hive can provide guidance on energy-saving improvements and even check if you qualify for government grants to further boost your savings.

What are the mortgage rates?

The Retrofit Boost mortgage comes with a £995 product fee and offers the following options:

• Five-Year Fixed Rate: 4.99% interest with £3,000 cashback (75% Loan-to-Value)
• Five-Year Fixed Rate: 5.04% interest with £3,000 cashback (85% Loan-to-Value)
• Seven-Year Fixed Rate: 5.74% interest with £10,000 cashback (85% Loan-to-Value)
• Ten-Year Fixed Rate: 5.84% interest with £15,000 cashback (85% Loan-to-Value)

Who is the deal available to?

This offer is available for both homeowners looking to remortgage and those buying a new property. You will need to apply through a mortgage broker registered with Virgin Money.

Industry experts have praised the scheme. Alexander Hall, a leading mortgage broker, called it “a breath of fresh air”, highlighting that having Hive on board makes choosing and installing energy-saving improvements simple and straightforward.