L&G adds energy saver cashback offer to lifetime mortgages

The offer benefits new customers carrying out energy efficient home improvements by giving 10% (up to a maximum £1,000) cashback on their initial advance; or for existing customers, £200 on a drawdown up to a maximum of three times. Home improvements are the most popular reason for taking a lifetime mortgage, with 36% of people giving this as a reason for releasing cash from their house.

The cashback offer includes a wide range of energy efficient home improvements and is available across England, Scotland and Wales.

Improvements covered include double glazing, insulation, ground source or air source heat pumps, solar panels and heating controls. All home improvements need to be carried out by an approved tradesperson with TrustMark registration.

Claire Singleton, CEO of Legal & General Home Finance, commented: “At Legal & General, we believe that taking action to counteract climate change is vitally important, and we are committed to supporting our customers to do this too.

“Residential housing is currently the third-largest contributor to CO2 emissions, and as two-thirds of the UK’s housing stock falls below the C grade on Energy Performance Certificates (EPCs), we need to focus on making our existing stock more efficient.

“Just a few improvements can make a massive difference to the environment, the bills we pay and a property’s market value. Installing an air source heat pump, for example, could cut a home’s CO2 emissions by 2,600 kg per year, saving close to £700 in the process. Even basic changes, such as double glazing and draught proofing, can save hundreds of pounds a year.

“We want to support our customers who are taking action to reduce their emissions and leave a positive legacy for future generations.”