Huge savings on offer to help fund green home improvements such as heat pumps with Halifax
The offer from Halifax - which is mirrored by Lloyds Bank - comes under the Green Living Reward cashback scheme.
First-time buyers remain baffled by mortgage jargon
House buyers are being offered cashback worth up to £2,000 on new mortgages to spend on green home improvements.
The offer from Halifax – which is mirrored by Lloyds Bank – comes under the Green Living Reward cashback scheme.
Households with a Halifax mortgage can get £2,000 cashback towards a heat pump, while there are rewards of £500 and £1,000 towards other green home improvements.
It is available to any mortgage customer with a Halifax current account taking out new lending or a new deal and wants to make their home greener, warmer, and – potentially - cheaper to run.
Customers can fund the work in any way they choose and the cashback is repaid after the home improvements are complete.
For those interested in heat pumps, the biggest discount is the Government's Boiler Upgrade Scheme (BUS) gives grants of up to £7,500.
The average BUS grant is £5,819 per home, and the typical heat pump fitted under the scheme costs £13,300.
That means a Halifax homeowner getting the typical BUS grant and heat pump could bring down the total cost from £13,300 to £5,481.
Halifax cashback offers
Air source heat pump - £2,000
Solar panels (photovoltaic) - £1,000
Battery for solar storage - £1,000
Biomass pellet boiler - £500
Solar thermal heating - £500
A-rated double/triple glazing (where replacing single glazing) - £500
Secondary glazing - £500
Cavity wall insulation (including party wall) - £500
Flat roof insulation - £500
Loft and pitched roof insulation - £500
Roof in roof insulation - £500
Smart air bricks - £500
Solid floor insulation - £500
Solid wall insulation - £500
Suspended wooden floor insulation - £500
Customers are eligible for Green Living Reward benefits when they complete on their mortgage application. This could be for buying a home or buying property, remortgaging, and product transfers, or taking a further advance.
Once they have completed on their loan, they have 12 months to make a claim.
To claim their cashback, customers need to fill in some details and upload a copy of their tradesperson's invoice as evidence that the work has been completed.
Once the claim is made, Halifax aims to pay the customer within five working days.
Andrew Asaam, Halifax mortgages director, said: “We are committed to helping our customers live in warmer, more energy-efficient homes, on the journey to Net Zero. Improving the way older homes are heated, powered, and insulated is critical.”
A matching offer is available for Lloyds Bank mortgage customers.
