- Bank is rewarding customers re-mortgaging energy efficient homes with preferential interest rates
- Move supports the pledge that 50% of the bank’s mortgage book is at or above EPC C or equivalent rating of C by 2030
Ulster Bank is offering a new ‘green re-mortgage’ product which is now available to customers in Northern Ireland. The new product offers a preferential interest rate to new or existing customers who are looking to re-mortgage an energy efficient property.
The new product will offer a discounted interest rate to customers re-mortgaging a property with an Energy Efficiency Rating of A or B. This will be available through direct channels including in branch, over the phone and via the website.
Every home must have an Energy Performance Certificate (EPC) when it is built, sold or rented – this gives the property an energy efficiency rating from A or 100 (most efficient) to G or 0 (least efficient) and is valid for 10 years.
The new product supports the bank’s pledge to help customers become more energy efficient with an ambition that 50% of the bank’s mortgage book is at or above EPC C or equivalent rating of C by 2030. This follows on from Ulster Bank’s parent bank NatWest being one of the first major lenders to successfully introduce a Green Mortgage. NatWest was the first high street bank in the UK to become an adopter of the Green Home Finance Principles (GHFPs), established by the Green Finance Institute for its Green Mortgage.
Terry Robb, head of personal banking at Ulster Bank said: “Ulster Bank introduced our Green mortgage to the market earlier this year and have seen a lot of success in rewarding customers for making greener decisions. We experienced increasing customer demand for a green re-mortgage product and we’re happy to respond to this. One of the core parts of our purpose as a bank is to help address the climate challenge.”
Miguel Sard, MD of Home Buying and Ownership at NatWest Group said: “NatWest is the principal banking sponsor supporting COP26 in Glasgow later this year and we want to act as a catalyst in supporting the reduction of the carbon footprint from UK residential properties.”
To assess the Energy Efficiency Rating of your home visit: https://www.nidirect.gov.uk/articles/energy-performance-certificates
To further encourage energy-efficient homeownership, Ulster Bank is currently conducting a ‘Green Plan’ pilot. Similar to a financial health check, the Green Plan uses APIs to recommend the top actions customers can take to reduce their homes carbon footprint. Through the pilot, customers can choose to ‘Green’ their home.
For more information in ways to making greener choices you can access the Ulster Bank Go Green hub https://www.ulsterbank.co.uk/banking-with-ulster-bank/our-purpose/climate.html
The new Green re-mortgage offering will be available at max 85% LTV and will apply to residential homes up to a maximum value of £600k. Products available will be 2- & 5-year fixed rates with no product fee and will be available to both first-time buyers and home movers.