Barclays unveils green mortgage

Houses, house, property, monopoly 

Barclays will next week launch a green home mortgage that gives a rate discount for energy efficient properties.

The product is the first in the UK to give cheaper rates to those buying homes with an A or B EPC energy efficiency rating.

The product will give discounted rates on two- and five-year fixed rates up to 90 per cent LTV and Help to Buy loans up to 75 per cent LTV.

Barclays says the savings could add up to £750 on a mortgage of £150,000 spread over five years.

The reduced energy bills would mean a saving of up to £585 a year on a three-bed home.

The eligible housebuilders are Barratt Homes, Berkeley Group, Countryside Properties, Crest Nicholson and Redrow Homes.

However, Barclays wants to expand to all major housebuilders by the end of the year.

Barclays Mortgages head Hannah Bernard says: “We’re proud to be the first major UK mortgage lender to offer a product that helps home buyers in their decision to purchase a green new-build home.”

Energy and clean growth minister Claire Perry says: “As well as the prospect of an exciting new energy efficient home for consumers, the launch of Barclays green home mortgage, a major UK financial institution, is exactly the kind of progress I want to see more of as we consider the recommendations of the government-commissioned Green Finance Taskforce.”

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