Hinckley & Rugby Building Society unveils a new initiative, ‘Retrogreen’, aimed at enhancing home energy efficiency.
- This project is a collaboration with Digital Buildings to provide homeowners with tailored energy improvement plans.
- Exclusive to Legal & General Mortgage Club members initially, Retrogreen offers pre-vetted contractor quotes and post-work evaluations.
- Three new mortgage products under Retrogreen will support these energy-efficient adaptations.
- The initiative addresses the increasing demand among homeowners for energy efficiency solutions.
Hinckley & Rugby Building Society, in collaboration with Digital Buildings, has launched an innovative energy retrofit initiative known as Retrogreen. This new service is designed to support homeowners aiming to improve their property’s energy efficiency. By providing homeowners with personalised reports, the partnership allows property owners to understand necessary measures and related costs to enhance their home’s energy performance certificate (EPC) rating.
The Retrogreen service is initially available for brokers associated with the Legal & General Mortgage Club. Homeowners using this service can obtain quotes for improvements from pre-vetted contractors ensuring quality and compliance with standards. Furthermore, a follow-up evaluation is part of the offering, guaranteeing that the enhancements meet required specifications.
As part of this initiative, Hinckley & Rugby has also rolled out three dedicated mortgage products under the Retrogreen banner. These financial products are aimed at supporting homeowners in their quest for better energy efficiency. Specifically, they include a five-year fixed-rate mortgage starting at 4.69% up to 80% loan-to-value (LTV), a two-year fixed rate beginning at 5.35%, and a two-year discount variable rate featuring a 2.70% discount off the society’s prevalent variable rate, commencing at 5.09%. Each offering is coupled with a £999 completion fee.
Acknowledging the significant task of retrofitting UK housing stock, Laura Sneddon, Head of Sales and Distribution at Hinckley & Rugby, emphasised the necessity for lender support to meet homeowner aspirations for energy-efficient properties. Sneddon stated, “Retrofitting the UK’s housing stock is a huge task, but it’s one that cannot be delayed.” This sentiment reflects the strong demand among homeowners for improvements, contingent on adequate backing from mortgage providers.
Echoing these views, Colin Calder, Co-Founder of Digital Buildings, expressed enthusiasm about the partnership. He highlighted the importance of informing homeowners about practical measures and financing options for energy enhancement. Jane Simpson, Strategic Relationship Manager at Legal & General Mortgage Club, further noted the critical role of mortgage brokers not only in financing acquisitions but also in arranging additional borrowings for renovations. She praised Hinckley & Rugby for their forward-thinking approach, stating that their broker members would likely benefit significantly from this innovative programme.
The Retrogreen initiative represents a significant step forward in addressing the need for energy-efficient homes, offering valuable support to homeowners through innovative collaboration.
