Energy-saving additional mortgage borrowing
Existing mortgage customers can borrow for heat pumps, solar panels, insulation and other energy-saving home improvements, with at least half the loan used for green work.
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Borrow at least £5,000 through an additional loan secured against your home. Eligible improvements include air or ground source heat pumps, solar panels and batteries, loft insulation, secondary glazing, and A-rated double or triple glazing when replacing single glazing.
The offer has no product fee and a choice of two or five years at a fixed interest rate. The maximum loan-to-value tiers are 60% and 85%: this compares the mortgage borrowing with the property’s value. The repayment term can be five to 40 years. Early repayment charges apply; during the charge period you can overpay up to 10% of the balance at the last mortgage anniversary or account opening date each contractual year without an early repayment charge.
You must repay the loan with interest. Your home may be repossessed if you do not keep up mortgage repayments.
Eligibility
- You must already hold a Britannia or Co-operative Bank mortgage, held for at least six months and maintained satisfactorily.
- Complete the free Energy Saving Trust tool and provide its Energy Saving Improvement Plan report with your application. At least 50% of the additional borrowing must fund green home improvements.
- All applicants must be at least 18 and no older than 75 when the mortgage ends. You must be a permanent UK citizen, or have lived in the UK for at least three years with an indefinite right to remain, settled status or pre-settled status. At least one applicant must be employed, self-employed or retired.
- The property must be in England, Wales or Scotland, habitable, saleable, structurally sound, insurable and of standard construction meeting the bank’s property guidelines. It must not have progressive structural movement or contaminated land. For a residential mortgage, the property cannot be let out.
- You need permanent income and steady expenditure that allow you to keep meeting the repayments. The bank checks your credit history and affordability. Its criteria limit defaults to £500 in total, with none registered in the last 12 months, and exclude County Court Judgments totalling more than £100 in the last six years. You must not have entered an Individual Voluntary Agreement or Scottish Trust Deed, or been bankrupt, in the last six years, and must have no repossession or voluntary repossession history.
- Additional borrowing cannot be used to repay debt, for business, or for financial speculation.
- The amount available may be lower if some or all of your mortgage is interest-only, or you own or are buying a second property.
How to apply
- Statut
- Candidatures au fil de l’eau
Create your Energy Saving Improvement Plan using the tool linked from the official offer page, then call the bank’s mortgage team on 08000 288 288 to discuss additional borrowing. The bank assesses your needs and affordability and sends an illustration and application pack after your appointment. Return the application form with the required supporting documents, including your improvement-plan report. If the bank makes an offer, read it and sign and return it to accept; the bank then arranges payment to you or your solicitor.