Virgin Money has made changes to its Retrofit Boost mortgage range, which offers borrowers cashback to make sustainable upgrades to their homes.
Launched last year, the Retrofit Boost products originally offered up to £15,000 cashback on fixed rate mortgage terms up to a maximum of 10 years. Virgin Money has since amended this based on broker feedback, and will now offer cashback of up to £10,000 on five-year fixed terms. Cashback of £5,000 and £7,000 is also available.
The cashback previously available on a five-year fixed was £3,000.
The money from the Retrofit Boost cashback can be used to install energy-efficient measures such as solar panels, insulation or heat pumps.
Virgin Money also teamed up with Hive to help borrowers with packages to make their homes more sustainable.
The rates on the Retrofit Boost products are higher than the rates available with Virgin Money’s core products for the first five years, and borrowers can switch to a core product after this period ends.
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The bank said if a borrower paid £50 more per month on their mortgage and made home improvements that lowered their bills, this could balance out their costs. Any cashback left over can be used to pay off a borrower’s mortgage.
