Coventry for intermediaries has launched an incentive for its borrowers to carry out work that aims to improve their property’s energy efficiency and reduce its carbon emissions.
The Green Together Reward provides £500 for such improvements.
It is open to both residential and buy-to-let borrowers who apply for a new mortgage or change their existing mortgage or terms, and is a completely separate process to the mortgage application (which isn’t dependent on improving efficiency).
More than 20 types of home improvements qualify for the Green Together Reward. Borrowers can make up to six home improvements from the approved list on the lender’s website and there is a minimum spend of £2,500 but no maximum. The work must also be carried out by a business registered with TrustMark – the Government Endorsed Quality Scheme covering work that is carried out in or around a consumer’s home.
Full details of the Green Together Reward are available on the Coventry for intermediaries website.
Coventry Building Society has also aligned the offer to the Green Finance Institute’s Green Home RetroFit Finance Principles, a “consistent and transparent framework for the application of financial proceeds towards retrofitting domestic buildings”.
Kevin Purvey, director of mortgage distribution at Coventry Building Society, said: “Greener homes are not only appealing to homeowners, they’re popular with prospective homebuyers too. Above all, they help to make a real difference to the effect we all have on the environment. Like many lenders across the market, we are looking to take a more active role in encouraging and promoting greener homes to help improve the environmental impact of the UK property market.
“We want to support our borrowers in reducing the energy used by their homes and our Green Together Reward provides an incentive for borrowers to make these energy efficient improvements. And with energy costs currently on the rise, now is a great time for homeowners to take steps to reduce the amount of energy they’re using at home.
“We think that brokers can play a valuable part in encouraging more homeowners to consider making energy efficiency improvements to their homes, which is why we’ve provided brokers with the resources they need to understand the scheme and have conversations with their clients about it.
“We’re also delighted to have signed up to the Green Finance Institute’s Green Home RetroFit Finance Principles, and are looking forward to working closely with the GFI in the future to find ways to contribute towards our industry supporting big changes when it comes to the environmental impact of the property and finance sectors.
“We’re always looking at new ways to develop innovative products and our Green Together Reward is another opportunity for us to support both new and existing borrowers.”
Emma Harvey, programme director, Green Finance Institute, added: “Addressing the £250 billion investment gap to decarbonise UK homes will require innovative financial solutions that help homeowners to achieve genuine and verifiable green outcomes.
“We welcome today’s launch of the Green Together Reward by Coventry Building Society – the latest financial product to align with our Green Home Finance Principles – and a valuable opportunity for intermediaries to engage and support customers on their net-zero journey.”
