Want To Make Your Home Greener? Then Learn How A Remortgage Can Help You Acheive Your Green Goals

There are a variety of reasons as to why homeowners decide to remortgage their properties

. Some want to benefit from better interest rates when the markets change, others want to raise additional funds for various purchases or to pay off personal loans and other debts.

However, a new reason that is cropping up is that people are becoming more aware of environmental issues and want to help looking after the planet. Over the next decade, the government's target is to increase the use of greener energy by fifteen per cent to help reduce global warming and part of this plan is the introduction of renewable energy in domestic households.

Recent research has revealed that just over 5% of the electricity in the UK comes from environmentally friendly energy sources, and the government have said that this needs to increase by nearly 1/3 to meet the targets to reduce the effects of climate change and have promised to help homeowners who want to generate their own energy.

Anyone who looks into the costs of converting their power sources will see that the costs are quite high, and therefore some people have been looking to remortgages in order to help pay for them. This is a great way to borrow the money to do the work.

By not having to pay the high prices for utilities is a huge plus to having the power converted to a renewable source and so many people are swayed. However it can cost a great deal initially to have it converted even though it will easily pay for itself in the medium to long term so you may want to think about getting a remortgage.

A remortgage is simply switching your existing mortgage to a new product, either with your existing lender or a new one. You may then be able to apply for additional funds, called a further advance, that can be used to pay for your greener living project.

Your existing or new mortgage lender will assess your finances to ensure that you can afford the additional advance and you can, in today's climate, increase your loan to around an 80% loan to value.

A benefit of installing an environmentally friendly energy system into your home is that the government will also offer a grant for generating your own energy sources, which will also help towards the cost of the project.

The greener living scheme offered by the government is a way of encouraging homeowners to live a greener lifestyle by installing wind, solar and water power in their homes to help everybody look after the planet and reduce global warming impact.

In times like these with costs on the increase month on month, using renewable energy instead of sources that harm the planet can help you to save money so that you don't have to stress about the bills landing on your door mat every month.

by: Timothy Frodsham

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