Reduced mortgage and building insurance rates made possible!
Home Quality Mark (HQM), the independently assessed, 5-star rating standard for new homes is aiming to help new build homebuyers achieve reduced mortgage and building insurance rates. Currently liaising with mortgage providers and insurance companies, the initiative will benefit consumers who purchase HQM accredited homes.
With the average mortgage debt of a British homeowner rising to approximately £85,000, consumers are likely to save hundreds of pounds a year on their mortgage and buildings insurance rates through this scheme. As a result, HQM aims to encourage more consumers to consider buying and renting better designed, healthier, smarter and cheaper to run homes, with a third party certification that lenders can trust. It is expected that some HQM accredited homes could achieve zero annual energy bills.
With growing demand for higher quality and sustainable housing, BRE, the world leading building science centre and creator of HQM, is working to provide financial benefits for the 65% of consumers who currently consider sustainable features important when purchasing a property. Consumers who buy an HQM certified home will also benefit from living in a house that could be up to 50% more energy efficient than an average existing home.
Gwyn Roberts, BRE New Homes and Communities Team Leader & Home Quality Mark (HQM) Project Lead commented: “HQM aims to encourage the design and build of high quality properties that promote healthier, cheaper and more sustainable living. This is a key priority as demonstrated by the latest figures from Redrow Homes, which show that 63% of people would be more likely to buy a sustainable home. We are working with mortgage providers and insurance companies to encourage the setting of preferential mortgage and buildings insurance rates for those buying HQM accredited homes.
“With the UK government incentivising new builds, and pledging to build a million more in the next five years, it is important that buyers have access to a clear, comprehensive and easily understood national housing standard that gives them confidence that the home they are buying or renting is well designed, healthy and cheap to run. HQM fulfils that role to ensure consumers can make an informed decision about the new home they buy or rent.”
HQM has been acknowledged as a vital tool to assist purchasers and funders in their decision making process. HQM, the new national voluntary quality standard has been welcomed by mortgage lenders and developers alike. Including Ecological Lenders Society, HSBC, Home Owners Alliance, CALA Homes and Lend Lease.