10 July 2020

Let's make our homes greener

The coronavirus pandemic has had a huge effect on our economy, as well as on individuals. So, on 8 July, the Chancellor announced a range of measures designed to help the economy bounce back.

Those measures include a £2 billion Green Homes Grant scheme for England, to create local jobs and improve the energy efficiency of our homes. In the Chancellor’s words:

‘From September, homeowners and landlords will be able to apply for vouchers to make their homes more energy efficient...’

‘The grants will cover at least two thirds of the cost, up to £5,000 per household.’

‘And for low income households’, the plan is to provide vouchers covering ‘the full cost - up to £10,000.’

Source: gov.uk ‘Plan for Jobs speech’

We need to know more. For example, who can apply for these vouchers and how - but we warmly welcome the initiative as a step in the right direction.

However, when it comes to greening your home, it’s not just the government you can turn to.

We can also help

In fact, we passionately believe everyone needs to do all they can to fight climate change.

So, if you already have a mortgage with us, take a look at our green additional borrowing options.

For members looking to borrow more, our initial green rates are the lowest we offer. And you can choose between a fixed rate of 2 or 5 years.

You can borrow up to £25,000 (or as little as £5000)

Remember, the total amount you can borrow on your mortgage with us has a limit. It can’t be more than a certain percentage of your home’s value. Our website has that figure for you.

Within limits, you can also choose how you use the extra money we lend you

So, the measures can include improvements to your home like:

  • air source heat pumps,
  • roof, wall and floor insulation and
  • double glazing.

But you could also spend the money on installing an electric car charging point.

All we ask is that you use at least 50% of your extra borrowing for measures that meet our green criteria.

Good to know

  • Our green additional borrowing options are available if you have an existing Nationwide mortgage on your home, wherever you live in the UK. Before you can borrow the money, we’ll look at your circumstances and check that you meet our terms and conditions.
  • When your initial green additional borrowing deal ends, your rate will change to our Standard Mortgage Rate. Or you’ll be able to apply for another deal. That will depend on what we have available at the time and the conditions you’ll need to meet.

It's important to remember

Your mortgage is secured on your home which you could lose if you do not keep up your mortgage payments. Think carefully before securing other debts against your home.

If you’d like to apply for additional borrowing, you’ll need to give us a call.

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