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54, Vasileos Constantinou, Erimoudes Court, 1st Floor, 3075, Limassol, Cyprus
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P.O Box 51433, Postal Code 3505, Limassol, Cyprus
+357 7000 88 00
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UK Eco Loan

Plans to make UK homes more energy efficient through new "eco-loans" could help to push up property prices but reduce the size of mortgages buyers can borrow, property market experts warned today.

The government plans to allow homeowners to borrow money to fund the upfront costs of eco-upgrades, such as the installation of solid wall insulation, heat pumps and solar panels.

Instead of paying for the energy efficient work upfront, homeowners will be able to take out a long-term loan, with repayments made through a pay-as-you-save mechanism. The loans will be designed so the repayments are less than the amount the borrower saves each month on energy bills, producing a monthly surplus.

This means that anyone living in a house that has had energy efficiency work done could make money out of the process even while the loan is being paid off.

In its household energy management strategy, the government acknowledged that although efficient homes were cheaper to run, this had not yet been reflected in house-buyer demand or property prices.

"A price differential between energy efficient and inefficient homes, coupled with the added prospects of lower fuel bills, would offer homeowners greater incentive to invest in energy efficiency measures," it said.

It has asked the Royal Institution of Chartered Surveyors (RICS) to develop recommendations for both government and property professionals "so that the energy performance of a property starts to be better reflected in its market value".

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Camellia Colors - Yellow


The unique style of the houses at Camellia Colors, named “Yellow Camellia” is reflected through their design, which is comfortable and functional. These 6 houses have a south and north frontage, and several of them are attached to a green area where your children can play safely. The houses’ ground floors have a unique large living room and kitchen where when you go up the wonderful marble stairs leading to 3 wonderful and functional bedrooms with 2 stylish bathrooms one located in the master bedroom and the other is been used by the other two bedrooms. 

Martin Ellis, chief economist at the Halifax, one of the UK's biggest lenders, said he thought the strategy would pay off.

"Annually homeowners should be better off: I think energy efficiency will become something that people take into consideration alongside location. It won't make a huge difference to prices, but it should be a positive one," he said.

One potential sticking point is that the new loans will be attached to the properties involved.

If a borrower sells up before the loan is paid off, the loan will have to be paid by the next owner. Some mortgage experts fear this could have the effect of reducing the amount buyers can borrow when taking out a mortgage.

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