As part of its Green Finance Strategy, the government has established a £5m Green Home Finance Innovation fund, with the intention of helping the financial services industry to offer more green financial products, including mortgages.
Environmentally friendly mortgages reward green home owners who upgrade the energy rating of their home by cutting the interest rate they pay and saving them money.
Homes are currently responsible for 15% of the UK’s carbon emissions, and as the UK moves to a net zero economy, the government has committed to making more buildings cleaner, greener and fit for the future. It is hoped that products like green mortgages will incentivise people to make their homes more energy efficient. Helping the government reach its commitment to reduce net zero emissions by 2050 and green mortgages are expected to become a key part of the UK mortgage market.
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