0% Green Mortgages

What are Green Additional Mortgages?

GAMs are a type of mortgage designed to incentivize energy-saving home improvements. They offer borrowers:

• Lower interest rates or even 0% interest periods on the additional money borrowed.
• Cashback rewards for completing qualifying eco-friendly upgrades.

How do they work?

GAMs typically work by allowing you to borrow extra money on top of your existing mortgage. This additional sum is then earmarked specifically for energy-efficient improvements. These improvements can include solar panels and battery storage.

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The Benefits of Going Green

There are several advantages to considering a Green Additional Mortgage:

• Save money on your energy bills: Energy-efficient homes use less energy, which translates to lower monthly bills.
• Increase your home's value: Eco-friendly features can make your home more attractive to potential buyers, potentially boosting its resale value.
• Reduce your carbon footprint: By using less energy, you'll be helping the environment.
• Potentially lower mortgage interest rates: GAMs can come with preferential interest rates, saving you money over the long term.

Things to Consider Before You Apply

GAMs aren't a one-size-fits-all solution. Here are some things to keep in mind:

• Eligibility: Not all lenders offer GAMs, and those that do may have specific requirements for eligibility. You'll likely need a good credit score and a property with a decent Energy Performance Certificate (EPC) rating.
• Restrictions: There may be limitations on how much extra you can borrow and how you can spend it. Make sure you understand the eligible improvements and any spending requirements before applying.
• Costs: While GAMs offer potential savings, there may be additional fees associated with setting up the additional borrowing. Factor these costs into your decision-making.

Do Your Research

If you're interested in a Green Additional Mortgage, it's crucial to shop around and compare different lenders and their offerings. Consider factors like interest rates, fees, eligible improvements, and the application process.

By making your home more energy-efficient, you'll be saving money and helping the planet. Green Additional Mortgages can be a great way to finance these improvements, but be sure to do your research to find the best deal for your situation.

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