Virgin Money has announced changes to its Retrofit Boost mortgage range, reducing the maximum cashback available for borrowers making energy-efficient improvements to their properties to £10,000.
The new range is available for new residential and buy-to-let customers with loan sizes of £150,000 - £500,000 and offers five-year fixed rates with cashback options of either £5,000, £7,000 or £10,000.
When the range first launched in July last year, the cashback amount ranged from £3,000 to £15,000.
The lender says that, after listening to broker feedback, it will no longer offer its seven and 10-year Retrofit Boost options, which offered the higher cashback amount.
As a result, it has increased the cashback amount available on its five-year fixed rate offering.
What is a Retrofit Boost mortgage?
Retrofit Boosts are a range of five-year fixed rate mortgages which give customers cashback to help them with home improvements. These include installing insulation or solar panels, battery storage, or heat pumps to their properties.
Rates are higher than Virgin's core range for the first five years, in return for the cashback. Clients can then switch to one of Virgin's core products after this point.
Virgin pays cashback to the conveyancer at mortgage completion and customers can make the eligible improvements they want with any supplier they like.
