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Big money for energy savings

You get between £3,000 and £15,000 cashback to spend on making your property more energy efficient

Retrofitting property with upgrades like solar panels can help reduce energy bills. And unlike additional borrowing, the mortgage balance won’t increase.

Mortgage rates are higher than our standard products. The Retrofit Boost mortgage isn’t right for everyone, and we need you to receive advice before going ahead. At the moment, this mortgage is only available through a mortgage broker.

Benefits for you

  • Money in your bank
    Up to £15,000 cash to spend on energy efficient home improvements right after the mortgage completes.
  • No increase to mortgage balance
    Cashback can help avoid additional borrowing, which could save on interest over the term. Everyone’s different and your mortgage broker can help find out if it’s right for you.
  • Installation offers also available
    We’ve teamed up with Hive, who can supply and fit the right kit, with packages matched to the cashback amounts. This might make life easier for you, but there’s no obligation to use Hive. You can choose whichever suppliers you like.

Cashback products to pick from

5 year fixed with £3,000 cashback

7 year fixed with £10,000 cashback

10 year fixed with £15,000 cashback

Eligible improvements

Here’s what you can spend your cashback on – it may not always cover the full costs

Insulation
  • Loft and pitched roof insulation
  • Cavity wall insulation
  • Solid wall insulation
  • Room in roof insulation
  • Suspended floor insulation
  • Solid floor insulation
Solar power
  • Photovoltaic solar panels
  • Solar battery storage
  • Solar thermal hot water
Heating
  • Temperature controls (timers/zone heating)
  • Thermostatic radiator valves
  • Fan coiled radiators
  • Air source heat pump
  • Ground source heat pump
  • Biomass pellet boiler
Windows and doors
  • A-rated double or triple glazed windows
  • Secondary glazed windows
  • Windows and doors draught-proofing
  • Insulated external doors
Not sure what improvements you need

The government has a handy tool to help people find ways to save energy in their current property. You can also check the property's energy certificate to see what improvements might help.

These tools aren't designed by us, so we don’t know how much energy you might save. Any energy efficiency claims may be general rather than specific to you or your property.

Important info

These improvements may not provide the energy efficiency expected. There’s also no guarantee that an installer will carry out the work satisfactorily.

If in doubt, it’s important to do further research because we won’t accept any responsibility if things go wrong.

Before the mortgage completes, you must check you can use the cashback for the improvements you want.

Special conditions

We charge a higher rate of interest on the Retrofit Boost Mortgage in return for providing cashback. The cashback must be spent on eligible improvements to the property being mortgaged.

You must check renovations are suitable and have any necessary consents. This includes planning permission, buildings regulations approval and landlord consent.

We may contact you to check the improvements and energy savings made.

Help from Hive

We’ve teamed up with Hive to offer installation packages to match the cashback options

With over 10 years’ experience, Hive are experts in taking the hassle out of home improvement. They have a dedicated team for Virgin Money customers who can chat through your needs. They can also check for grants that might boost spending power even more.

If you would rather use another installer, that’s fine. It won’t affect your cashback. But whoever you choose, we’d recommend they’re MCS certified or Trustmark registered.

View Hive offers

Virgin Money isn’t responsible for the service and equipment supplied by Hive, or any other supplier. You should review your supplier’s terms and conditions before using them.

Got a question?

At the moment, the Retrofit Boost mortgage is only available via mortgage brokers. It’s for new customers remortgaging to us, and customers purchasing a property with us (excluding existing customers porting their Virgin Money mortgage to a new property). Other limits and restrictions on availability may apply. Your mortgage broker will be able to check if this product is available and right for you.

We expect all the cashback to spent on eligible energy efficient improvements to the property being mortgaged. But if that’s not possible, you can use the spare money to make mortgage overpayments (subject to usual limits and terms set out in the illustration) and reduce your mortgage balance.

You can use the cashback to get started on making the energy efficiency improvements you want, and look at alternative ways to get all the funding you need. But you should consider the ability to do this, and ask your broker to help understand whether the Retrofit Boost mortgage is right for you.

You should contact your supplier directly. Virgin Money isn’t responsible for the service and equipment supplied by Hive, or any other supplier you choose.