Whoever subrogates the mortgage for a green house, i.e. in class A, B and, in some cases, also in C, will have a much more advantageous rate compared to a house in a higher class and therefore more energy intensive. And given that 2023 ended with a drop in fixed rates, a positive fact not only for aspiring borrowers, but also for those who already have an ongoing loan and want to replace it, i.e. have another mortgage with a better rate. According to an analysis by Facile.it, for a subrogation mortgage, rates start from 3.10% but a green first home can also start from 2.45% by changing bank.
«The decline in indices has led to a significant decrease in fixed rates offered by banks and subrogation can become an extremely advantageous opportunity for those with a variable rate mortgage, but also for those with a fixed rate taken out starting from the second half of 2022 – said Ivano Cresto, managing director of Facile.it “Moreover, credit institutions pay a lot of attention to financing for houses in the first energy efficiency classes, with an important boost to green mortgages, which already last year represented 7, 2% of total requests for first homes».
Mortgages starting from 2.6%
Taking into consideration a standard loan (126 thousand euros to be repaid over 25 years), the best fixed rates for a green first home mortgage start from 2.60%, with a monthly installment of 572 euros. While as already mentioned, the so-called green surrogates, i.e. loans intended for homeowners in energy class A or B who want to change bank. In this case it is possible to get a preferential fixed rate up to 2.45%.
And therefore the potential savings are considerable, especially for those who have a recently signed variable rate mortgage, i.e. in 2023. Again assuming a standard loan, the borrower could reduce the installment by up to 25%, bringing it from the current 750 euros per month to around 570 euros , with a saving of almost 180 euros.
New homes that are increasingly green
And again based on the offer of individual banks, green mortgages can finance up to 80% up to 100% of the value of the property. There is no doubt that new homes that must be built with green criteria will be able to be more successful on the real estate market while non-green ones located in areas of poor value could suffer a devaluation.
And this is why some credit institutions combine the mortgage with an extra loan to cover the expenses incurred for the redevelopment works. Such as, for example, increasing thermal insulation, installing systems for the production of clean energy or high-efficiency heating systems.