what are Energy Improvement mortgages?

Energy Efficiency Improvements

Energy Improvement mortgages are a popular alternative to conventional mortgages. An energy improvement mortgage is an unsecured home loan that creates an iframe account to finance cost-effective improvements to a home s energy efficiency. The funds can normally be received during a refinancing or when a property is first purchased. Improvements made to an existing property can reduce the energy bill and help to save money on your tax bill. Energy efficiency saves money for the user and also reduces the carbon footprint.


There are two main groups of people

who would benefit from an energy improvement mortgage? The first would-be property owners and tenants who want to have the latest energy-efficient windows installed in their homes and apartment. These windows are extremely effective at keeping heat out of a room and at keeping hot air out of the space. Energy assessment certificate applications are readily available for properties with windows. Energy-efficient mortgages often come with a matching energy assessment application.


The other group of people

who would benefit from energy improvement mortgages is tenants who require new insulation for their accommodation. It is common for tenants to need energy efficiency improvements as their accommodation is rented out and not owned by the tenant themselves. As there are many properties on the market requiring insulation, you will often find that there are plenty of quality landlords looking to secure their rental income from tenants who require these sorts of improvements.


Property owners and lenders

like the idea of securing long-term financing for energy improvements and insulation. Potential resale value for houses that have been completed to a high standard of energy efficiency will fetch higher prices from a mortgage lender than a similar property that has not been improved. For this reason, energy improvements can create a noticeable difference in the asking price of a house. This is why it is so important to get an energy improvement inspection carried out before you buy a house.


Many lenders and building societies

also, offer free energy performance certificates on properties they lend. If you are thinking about buying a house you should consider getting this type of certification. You should make sure that the property you choose has a rating of at least minus three degrees centigrade. If you find that your home has a rating of at least minus five degrees centigrade, then you should consider having the property improved. You should also consider having a qualified energy audit carried out on the property. This will ensure that you get full value for your money when you take out your mortgage.


When you get your mortgage you should remember

to have your home energy assessment done regularly to ensure that your property continues to be energy efficient. You can find out your rating by contacting the Mortgage Industry Research Association (MIRA). You can also find out about your mortgage options and the different mortgage products that are available from the Financial Services Authority (FSA). The FSA offers a wide range of websites where you can find out about energy efficiency and cost reduction choices. You can also get information on accredited energy-saving improvements in your area.

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