With rising energy costs, more homeowners are considering energy-efficient improvements to their property – often referred to as ‘retrofitting’. This is a growing concern among older homeowners in particular.

We spend on average 12 years in each home we own, but for the over-65s this is often much longer, which means a higher proportion are living in properties with old heating systems, insulation, or windows.

Whilst current Government funding for green home upgrades has been focussed on providing grants for some low-income households via their ‘help-to-heat’ programme, for most homeowners the costs involved in making improvements - via solar panels or modern insulation for example – need to be covered by savings or borrowing.

Our mortgages increasingly hold the key to making greener living and more efficient homes possible. Data provided by the Green Finance Institute indicates that there are now over 30 lenders providing Green Mortgage products, which offer homeowners discounts and other incentives if their home is energy efficient. We talk more about this here.

This is a great option if your property already has a relatively high EPC rating, but is less applicable if you have a lower rating.

Another option, exclusively available to older homeowners, is a lifetime mortgage. This type of mortgage is a modern form of equity release, which enables you to release equity from your property to fund home improvements. The flexibility of these mortgages means you can choose how much equity you release and opt to take this as a lump sum or in smaller increments over time. You also have full control over how you manage interest payments on the borrowing. For more on how a lifetime mortgage can help with home improvements, click here.

If you would like to discuss whether a green mortgage or a lifetime mortgage is right for you, contact us via info@knightfrankfinance.com or call 020 7268 2580. We have access to all the major lenders in the market, and can help find the most suitable and cost-effective mortgage for you.