News: Green Homes Grant Launches for Eco-Friendly Renovation

For homeowners who’ve been lusting after eco-friendly home updates, there is excellent news on this rainy Friday: the Governments Green Homes Grant has officially been launched.

What’s happening?

In July, the government announced this initiative intended to help homeowners fund eco-friendly renovations to their homes which could see applicants receive up to £5000. The scheme is intended to fund up to two thirds of the cost of renovations, up to the £5000 ceiling.

Applications for the scheme opened this week, meaning that now is the time to act for a homeowner looking to access money to help pay for eco-friendly renovations.

Any work funded or part-funded by this scheme needs to be completed before March 31^st 2021; this gives a fairly short time frame for the necessary works to be carried out – so securing any additional funding you may need will need to be quite quick.

Experts predict that the majority of vouchers will be used to install eco-friendly heating, but that’s not all that they can be used for - here are a variety of different home improvements which could be funded by this scheme:

• Install insulation
• Double glazing
• Smart controls

What can these vouchers be used for?

In order to get the vouchers as part of this scheme, you need to be installing what is referred to as a “primary measure”. This could include…

• solid wall
• cavity wall
• underfloor, loft or roof insulation
• low-carbon heating (e.g. air or ground source heat pumps/biomass boiler/solar thermal system).

However, these are not the only improvements which could be made with these vouchers – the scheme allows for what they term ‘secondary measures’ to be funded once the original work has been completed. This includes:

• Double or triple glazing
• Energy-efficient doors
• Smart heating controls
• Installing thermostatic radiator valves
• Draught proofing

The vouchers cover the costs of labour, VAT and materials – but there is some wiggle room on extra costs which could be covered by the voucher, assuming they are absolutely essential for the installation of the measures. There is information on the government website regarding this, so make sure you read the fine print.

Who can apply?

The scheme is fairly far-reaching in terms of who is eligible. You can possibly access the scheme if:

• You live in England
• You’re a homeowner (this includes long-leaseholders/shared ownership)
• You’re an owner of your own park home situated on a residential site (this includes Traveller sites)
• You are a residential landlord who lets to the private or social sector

One of the types of homeowners who are not eligible are individuals who are moving into a newly built home – i.e. a home which is brand new and has not previously been lived in.

Why should I apply?

There are two main benefits to utilizing this scheme (beyond the obvious benefit of getting a possible £5000 worth of work for free). These are:

• Adding value to your home
• Saving money on your bills

One of the main benefits of utilizing this grant is the all-important adding of value to your home. If you ever look to resell your home, either to upsize, downsize or relocate, then by having this work done now (at a very reasonable price, considering the voucher) you will add value to your home which you will be able to reap at resale.

And if it’s for your rental property – this could mean ensuring that you’re not in violation of any rental standards, and again ups the value of your house should you ever decide that you wish to sell your investment property.

Another benefit of this grant is that a lot of these planet friendly upgrades are also very wallet-friendly. It can save hundreds of pounds in bills each year – pennies which you could put towards a holiday, a new car, or further home improvements.

How do I apply?

Before you apply, you should take the following steps:

1. Check you’re eligible
2. See what your home needs are
3. Get quotes from local vendors and pick one
4. Go to the government website to apply for the voucher

A few important things to bear in mind is that the

Make sure you keep your quote to hand, as you’ll need to provide this when applying.

What if I want to do other home improvements?

The grant is specifically for home improvements which are eco-friendly; not necessarily cosmetic. If you’re looking to secure funding for home improvements of another kind, you will need to secure other funding.

That’s where bridging can come in.

Bridging is a specialist form of short-term finance which can provide you with quick finance which is generally repaid over a course of 12-18 months.

We have successfully secured bridging funding for many clients who needed quick access to cash in order to make their desired improvements to their homes.

Read how we’ve helped other clients secure their bridging funding, so they could pay for their desired home renovations:

• Bridging Finance to Renovate before Downsize
• Short-Term Finance to Finance Major Renovations on London Property
• Bridging Loan to Purchase and Renovate a BTL Property

Are you looking to secure renovation funding? 

Get in touch

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