Brits urged to make 1 mortgage check after interest rates cut

Nearly 10 million British households have been urged to make one key mortgage check or risk losing out on an £11,000 boost. After the Bank of England (BoE) cut interest rates to 4% - the lowest level in two years - many savers are expected to examine mortgage offers. George Penny, green housing and solar panel expert at The Solar Co, said up to 9.6 million UK households may be unaware they're missing out on green mortgage deals.

These households could already be eligible or could become eligible for a green mortgage with a few simple steps, he said. He told people to check their EPC rating using the Government's free online tool. Properties rated A or B may be eligible for a green mortgage straight away, unlocking better rates, cashback incentives, or more favourable borrowing terms.

EPCs are valid for 10 years, so if yours is out of data, consider getting a reassessment - especially if you've recently made home improvements. Major lenders including NatWest, Nationwide, and Halifax are increasingly offering green mortgages.

They typically reward homes with A or B EPC ratings, or those planning to carry out energy-efficient upgrades such as loft insulation, double glazing, or solar panel installation.

Halifax, Leeds Building Society, and Accord also offer enhanced affordability assessments - allowing people to borrow more money to buy an energy-efficient home.

Leeds Building Society allows customers to borrow £11,000 more for a £225,000-valued new build property with an EPC A or B than a less energy efficient, non-new build home.

Barclays and Halifax offer up to £2,000 in rewards for green home improvements, while Nationwide's Green Additional Borrowing scheme provides 0% interest loans from £5,000 to £20,000 to fund upgrades that boost energy efficiency.

George explained: "Data shows that 61.3% of UK homes are rated EPC C or above, representing approximately 17.4 million households.

"Of these, around 65% are owner-occupied, equating to roughly 11.3 million owner-occupied homes with an EPC rating of C or higher.

"Survey data suggests that 85% of mortgage holders are unaware of green mortgages, meaning 9,605,000 homeowners may be eligible for green mortgages without being aware of it."