£1.5 billion allocated for Boiler Upgrade Scheme

December 20 2023

The recent allocation of £1.5 billion to the Boiler Upgrade Scheme has brought renewed attention to the retrofit sector. The surge in applications, now up by 57%, reflects a growing interest in sustainable solutions following the significant boost in heat pump grants. While these positive indicators signal a collective drive towards greener living, they also underscore the need for comprehensive support in the broader retrofit sector. 

The increased funding for the Boiler Upgrade Scheme is a notable development, responding to the heightened demand for sustainable home retrofit, following the Government’s recent decision to boost Heat Pump Grants by 50% to £7,500.  

At Lendology, we acknowledge the pivotal role of comprehensive support for homeowners pursuing sustainable living. Our Renewable Energy Loans are designed to complement existing grants, ensuring individuals can embrace energy-efficient solutions without financial constraints.  

Consider the case of Mrs. B in Exeter, with our assistance, she has successfully implemented an air source heat pump, transforming her home to become more energy efficient. Her story demonstrates the potential for impactful change when financial support aligns seamlessly with homeowners’ goals. 

With over two decades of experience working closely with homeowners, we understand the challenges people face making their homes more energy efficient.  Whilst the additional funding is a welcome development, we are keen to see how the UK Government’s latest announcement directs funds to those most in need. 

Representative Example (4% fixed interest rate, Representative 4.2% APR).  

Loans are subject to status and are typically protected by a Title Restriction. Borrow £5,000 over 60 months, £92.08 monthly repayments. Total amount repayable = £5,544.96, including £20 fee for registering the Title Restriction against your property at the Land Registry. The £20.00 fee is only payable if a loan is agreed by Lendology and you decide to proceed with a loan. We do not charge interest on the fee. A Title Restriction means that you may not be able to sell your home without our permission unless the loan is fully repaid. Missing payments could affect your credit rating and ability to obtain credit in the future. 

We recommend that you conduct an independent retrofit assessment to establish whether any works that you may be planning to adapt your property are likely to be suitable for your property and goals. 

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