TSB have launched a new Green Additional Borrowing mortgage product aimed at encouraging people to make their homes environmentally friendly. The bank says that customers will benefit from cheaper rates for green home improvements.
TSB buy-to-let or residential mortgage customers will be able to borrow £10,000 or more (up to 85% Loan to Value) to fund a range of green home improvements which include: loft and wall insulation, a heating upgrade or solar panel installation. Customers must commit to spending a minimum amount of £1,000 for ‘green’ improvements as part of the overall total advance.
The Green Additional Borrowing product is part of the TSB ‘Do What Matters Plan’, part of a commitment to reducing environmental impact and to hit their own net zero emissions target by 2030.
Nick Smith, TSB’s head of Mortgages said:
“We are all conscious of the need to do more to protect the environment and we know that a lot of our customers are also keen to play their part in tackling climate change. So, we’ve decided to give our mortgage customers a helping hand, by offering them a discount when they borrow to invest in the energy efficiency of their homes.”
Dr Rhian-Mari Thomas OBE, chief executive of the Green Finance Institute said:
“Innovation and transparency will be essential for scaling-up the green mortgage market and accelerating the decarbonisation of UK homes. Today’s announcement about the launch of TSB’s Green Additional Borrowing mortgages – which align with the industry-backed Green Home Finance Principles, established by the Green Finance Institute – is a welcome contribution to creating a thriving market for green mortgages in the UK.”