Legal & General has launched an energy saver cashback offer across its flexible and optional payment lifetime mortgage ranges.

As part of the amendments, new customers carrying out efficient home improvements will be given 10%, up to £1,000, cashback on their initial advance.

For existing customers, they will be able to access £200 on a drawdown up to a maximum of three times.

Legal & General to relocate Wales HQ

According to the firm, home improvements were the most popular reason for taking a lifetime mortgage, with 36% of people outlining this as to why they wanted to release cash.

Furthermore, Legal & General noted that the energy saver cashback offer has been launched due to the increasing number of over 55s adopting environmentally friendly lifestyle changes.

The offer is available across England, Scotland and Wales, and the improvements covered include double-glazing, insulation, ground source or air source heat pumps, solar panels and heating controls.

Additionally, in order to qualify for the offer, all work needs to be carried out by an approved tradesperson with TrustMark registration.

Claire Singleton, chief executive of Legal & General Home Finance, said: “At Legal & General, we believe that taking action to counteract climate change is vitally important, and we are committed to supporting our customers to do this too.

“Residential housing is currently the third-largest contributor to CO2 emissions, and as two-thirds of the UK’s housing stock falls below the C grade on Energy Performance Certificates (EPCs), we need to focus on making our existing stock more efficient.

“Just a few improvements can make a massive difference to the environment, the bills we pay and a property’s market value. Installing an air source heat pump, for example, could cut a home’s CO2emissions by 2600 kg per year, saving close to £700 in the process. Even basic changes, such as double-glazing and draught proofing, can save hundreds of pounds a year.

“We want to support our customers who are taking action to reduce their emissions and leave a positive legacy for future generations”