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Virgin Money has launched The Retrofit Boost, a brand-new mortgage product designed to help customers improve their property’s energy efficiency.

Working with Hive, we have designed the Retrofit Boost mortgage which offers customers a cashback amount to make their home more energy efficient. Hive has a range of packages for customers that can help make their home more energy efficient and can also help check for grants, and more. Customers are also free to spend their cashback with other suppliers to make the eligible improvements.

According to data from the Office of National Statistics* the average house Energy Performance Certificate rating in the UK is just band D, highlighting the need for home energy efficiency improvement, where band A is the gold standard.

Residential product options available at launch have a £995 product fee and include:

The Retrofit Boost mortgage is available exclusively via any intermediary registered with Virgin Money. The product is available for both residential and Buy-to-let purchase and remortgage customers.

Richard Merrett, managing director at Alexander Hall and chair of The Green Mortgage Advice Initiative (GMAI)** said: "Virgin Money's new Retrofit Boost product is a breath of fresh air for homeowners and landlords. The cashback options, ranging from £3,000 to a substantial £15,000, have the potential to make a real difference, especially when it comes to larger retrofit projects like solar, battery storage and heat pumps.” 

“The crucial difference in their launch is in giving a “what next” option for consumers, the inclusion of Hive, a trusted brand offering expert advice on energy-efficient solutions, simplifies the journey for clients by providing the ability to research and coordinate the retrofit process. As a broker, it expands the range of products we can offer our clients, allowing us to have a timely conversation about improving energy efficiency at a crucial point in the homeownership journey. Our expertise lies in advising on the financial aspects of the mortgage, while Virgin Money provides the funding, and a trusted partner delivers the retrofit solutions – it's a fantastic collaborative approach that truly benefits our clients.”

Dan Rosenfield, managing director of Centrica New Business and Net Zero commented: “We are committed to helping people decarbonise their homes in a way that is simple and affordable for them. Through this collaboration we are pleased to share our decades of expertise which take the hassle out of home improvement. We are looking forward to working with Virgin Money to empower homeowners across the country to make their homes more energy efficient through the new Retrofit Boost Mortgage.” 

Craig Calder, head of secured lending at Virgin Money, emphasised the bank’s commitment to addressing the growing demand for energy-efficient homes saying: “At Virgin Money, we recognise the increasing desire among customers to create more efficient living spaces. However, traditional financing options for home efficiency upgrades can be restrictive. The Retrofit Boost Mortgage is designed to dismantle these barriers.” 

Calder highlighted the unique feature of the Retrofit Boost Mortgage: “By providing cashback specifically for efficiency improvements, this mortgage product removes a significant financial obstacle. The incentive empowers customers to invest in a more comfortable, sustainable and potentially cost-effective living environment.” 

Virgin Money’s collaboration with Hive, a leading provider of energy-efficient technology in the UK, further enhances the offering. Calder added: “We are proud to collaborate with Hive. Their team of experts is available to guide customers through the options and maximize the benefits of our Retrofit Boost Mortgage.” 

The minimum loan size is £150,000, and the product will be available for loans up to £500,000.

Further details of the Retrofit Boost Mortgage are available at: or through a Virgin Money Business Development Manager.


**The GMAI is a cross-industry initiative led by the Association of Mortgage Intermediaries (AMI), the UK trade association for mortgage intermediary firms.