HSBC UK launches Energy Efficient Home Cashback mortgage
HSBC UK is introducing a cashback mortgage that rewards customers for choosing to purchase a more energy efficient home, the bank has announced. The cashback offer will also be available to those looking to remortgage to HSBC UK. The Energy Efficient Home Cashback mortgage will be available from 27th March 2024.
The new mortgage, the Energy Efficient Homes Cashback, provides a £500 cashback for purchasing or remortgaging to HSBC UK with a home that has an EPC rating of A or B, where a residential mortgage is being taken through a broker. The £500 cashback is in addition to any other cashback the customer’s chosen product has, which could lead to a total cashback of up to £1,500 for first time buyers purchasing a home with an EPC A or B rating.
Mortgage rates start at 4.28% (60% LTV, 5 year fixed rate with £999 fee) and are the same as the standard range, with the only difference being the £500 cashback.
Oli O’Donoghue, HSBC UK’s Head of Mortgages, said: “An EPC provides important information to consider when buying a home, making it easy to see at a glance which homes are the most energy efficient, and what work needs to be done to improve the home’s energy efficiency.
“There are tangible financial benefits to choosing an energy-efficient home, including significantly reduced energy bills over the short, medium and longer term versus homes at the lower end of the EPC scale. At a time when the cost of living continues to escalate, buying a more energy-efficient home can potentially help save money and build or reinforce the financial resilience of the homeowner.
“With environmental consciousness on the rise, our new Energy Efficient Home Cashback mortgage will promote more sustainable choices around home ownership and reward customers who wish to purchase an energy efficient home or have one and choose to stay in it and remortgage to HSBC UK at the end of their current fixed rate deal ending.”
Notes to editors:
The government has set up a register of EPC certificates, where EPC ratings can be found online.
If you live in England, Wales, or Northern Ireland you can search for your EPC here. If you live in Scotland, you can check here.
HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates. HSBC UK is a ring fenced bank and wholly owned subsidiary of HSBC Holdings plc.
HSBC Holdings plc
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories. With assets of US$3,039bn at 31 December 2023, HSBC is one of the world’s largest banking and financial services organisations.