Make Your Property Energy Neutral And How You Can Fund It With A Remortgage
- By Marcus Selmon
- Published 01/3/2012
- Real Estate
- Unrated
Remortgaging has become more popular in recent years for various reasons. Some homeowners want to reduce their monthly mortgage repayments by opting for lower rates, while others look to borrow additional money to repay their high levels of debt such as credit cards.
However, more homeowners are seeking to remortgage their properties in order to lead a more environmentally friendly lifestyle. By 2020, the UK government aims to produce at least fifteen percent of all of the UK's energy from greener renewable energy sources, and many homeowners are also looking to generate their own wind, water and solar power in order to power their homes.
The government have said that we need to see an increase in the use of these types of energy by almost thirty percent, and they have begun to set an example by offering a scheme whereby they are offering a grant to those who are switching energy in their properties to renewable energy such as water power.
The only problem that you might come across is the cost involved, as it isn't cheap to convert the entire power system to your home and so a remortgage may be the way forward to fund the project and power your home through an alternative source.
To save money on your energy bills, you could consider installing solar panels, w
ind turbines or hydro-electricity systems, however these can cost thousands of pounds which many don't have lying around. But if you have equity in your property then you may be able to get a remortgage in order to raise money to pay for it.
A remortgage is simply switching your existing mortgage to a new product, either with your existing lender or a new one. You may then be able to apply for additional funds, called a further advance, that can be used to pay for your greener living project.
Your existing or new mortgage lender will assess your finances to ensure that you can afford the additional advance and you can, in today's climate, increase your loan to around an 80% loan to value.
When you install a renewable energy system into your house, there are several advantages including the fact that the government may offer financial help, which should be able to assist with the costs of the project.
The government have introduced the grants to encourage greener living, so you can apply for help with the initial outlay so that you don't have to borrow quite so much by way of a remortgage.
So if you do want to save money on your household bills and look after the earth at the same time, installing renewable energy systems may be for you. And as you can obtain funding from the government and by way of remortgaging there should be no reason not to be involved.
However, more homeowners are seeking to remortgage their properties in order to lead a more environmentally friendly lifestyle. By 2020, the UK government aims to produce at least fifteen percent of all of the UK's energy from greener renewable energy sources, and many homeowners are also looking to generate their own wind, water and solar power in order to power their homes.
The government have said that we need to see an increase in the use of these types of energy by almost thirty percent, and they have begun to set an example by offering a scheme whereby they are offering a grant to those who are switching energy in their properties to renewable energy such as water power.
The only problem that you might come across is the cost involved, as it isn't cheap to convert the entire power system to your home and so a remortgage may be the way forward to fund the project and power your home through an alternative source.
To save money on your energy bills, you could consider installing solar panels, w
A remortgage is simply switching your existing mortgage to a new product, either with your existing lender or a new one. You may then be able to apply for additional funds, called a further advance, that can be used to pay for your greener living project.
Your existing or new mortgage lender will assess your finances to ensure that you can afford the additional advance and you can, in today's climate, increase your loan to around an 80% loan to value.
When you install a renewable energy system into your house, there are several advantages including the fact that the government may offer financial help, which should be able to assist with the costs of the project.
The government have introduced the grants to encourage greener living, so you can apply for help with the initial outlay so that you don't have to borrow quite so much by way of a remortgage.
So if you do want to save money on your household bills and look after the earth at the same time, installing renewable energy systems may be for you. And as you can obtain funding from the government and by way of remortgaging there should be no reason not to be involved.
Marcus Selmon
Marcus Selmon writes for Just Commercial Mortgages.com the UK's No.1 site for the latest commercial mortgage rates and commercial property finance news.
View all articles by Marcus Selmon