Could your residential remortgagers benefit from a Green Rewards cashback remortgage?
Foundation Home Loans, the intermediary-only specialist lender, has today launched a ‘Green Reward’ remortgage as part of its residential range.
The residential ‘Green Reward’ remortgages are available to existing owner-occupier borrowers who have made improvements to their home and subsequently raised their Energy Performance Certificate (EPC) rating to a ‘C’ or above.
The ‘Reward’ element of the product is £750 cashback on completion plus a reduced product fee of £595, normally £995, with the products only available on a capital and interest repayment basis.
The rates are priced as follows:
- Two-year fix at 3.24% for 75% LTV and 4.39% for 85% LTV
- Five-year fix at 3.59% for 75% LTV and 4.74% for 85% LTV
The products have deliberately simple criteria: There are no specific types of improvements which must have been done for the owner occupiers to qualify for this remortgage; to qualify, the applicants must have obtained an Energy Performance Certificate (EPC) rating of ‘C’ or above – dated within the last 24 months.
The product has been designed to offer a greater degree of choice for those borrowers who are not able to access high-street lenders, but who undoubtedly should be rewarded for improving the energy efficiency of their home. It is hoped that the product will act as a further catalyst to support the reduction of the carbon footprint from UK residential properties.
