Press Releases • February, 2020

Kensington Mortgages launches market first eKo Cashback Mortgage

Products

Kensington Mortgages launches first eKo Cashback Mortgage

£1,000 cashback for qualifying customers making energy efficient home improvements
A market-first, designed to help make existing UK homes more environmentally friendly
Customers only need to improve their energy rating by 10 Standard Assessment Procedure (SAP) points within 12 months of completion to qualify

London, 25 February 2020: Kensington Mortgages, the UK’s leading specialist mortgage provider, has today launched a market-first – a mortgage that rewards environmental home improvements – the eKo Cashback Mortgage. Whether an individual is buying an older home, or simply remortgaging – Kensington will pay £1,000 for improving the property’s energy efficiency evidenced on their Energy Performance Certificate (EPC).

The eKo Cashback Mortgage offers the cashback when a homeowner improves their energy efficiency within the first year of completion. Homeowners only need to increase their energy rating by 10 SAP points – the equivalent to insulating a hot water cylinder and installing low energy lighting, or putting in solar panels, or loft insulation.[1]

Kensington’s eKo Cashback Mortgage is a proposition for all individuals, across all properties in the UK. Starting from 3.04% at 75% LTV, the eKo mortgage also comes with free valuations, and free legal advice on remortgages.

What counts as energy efficiency improvement?

	Energy Efficiency Improvement	Points
1	Swap to a condensing boiler	47
2	Install double glazing (UPVC)	4
3	Upgrading roof insulation	13
4	Low energy lighting	2
5	Insulating hot water cylinder	8
6	Loft insulation	10
7	Cavity wall insulation	13
8	Internal / external insulation of solid walls	20
9	Solar panels	10

[1] For more information on Standard Assessment Procedure please see Government advice: https://www.gov.uk/guidance/standard-assessment-procedure

Mark Arnold

Chief Executive Officer, Kensington Mortgages

“Many people are becoming increasingly conscious of their carbon footprint and want to reduce it. So making energy efficiency improvements in your home is a no-brainer – you can help combat climate change and save on your bills at the same time. With Kensington’s new eKo mortgage you can also be rewarded in the form of cashback. We are particularly excited about this new product because unlike other green initiatives, the eKo Cashback Mortgage is targeted at efficiency improvements to pre-existing properties, rather than focusing on investment in new builds, offering the opportunity to help combat climate change to a much broader set of borrowers.”

Kevin Roberts

Director, Legal & General Mortgage Club

“Like all industries, the housing and mortgage markets must react to the threat of climate change and the importance of reducing carbon emissions. Renovating existing housing stock is a crucial part of this mission and that means incentivising consumers who want to improve the energy efficiency of older homes. The launch of Kensington’s eKo Cashback Mortgage is a positive step in the right direction that will help to increase choice for consumers interested in green mortgage products.”

Kensington and Kensington Mortgages are trading names of Kensington Mortgage Company Limited (registered in England & Wales No. 3049877), which has its registered office address at: Ascot House, Maidenhead Office Park, Maidenhead SL6 3QQ.

Kensington Mortgage Company Limited is authorised and regulated by the Financial Conduct Authority (310336). Some investment mortgage contracts are not regulated by the Financial Conduct Authority.