Remortgage for an Electric Car Charger

Why Install a Home EV Charger?

Charging an electric vehicle at home is significantly cheaper than using public charging networks. Depending on your electricity tariff, a full charge at home can cost as little as a few pounds, compared with considerably more at a public rapid charger. Over the course of a year, the savings can be substantial.

A dedicated home charger, often called a wallbox, is much faster than plugging into a standard three-pin socket. Most home chargers deliver a full charge in around four to eight hours, meaning you can charge overnight on a cheaper off-peak tariff and wake up to a fully charged vehicle.

Beyond convenience and cost savings, having a home EV charger installed can add value to your property. As electric vehicles become more mainstream, buyers increasingly view a home charging point as a desirable feature, much like a modern kitchen or off-street parking.

Key benefits of a home EV charger include:

• Lower running costs — home electricity is cheaper than public charging
• Convenience — charge overnight without visiting a charging station
• Smart features — schedule charging during off-peak hours to save even more
• Property value — an installed charger is an attractive selling point
• Environmental benefits — especially when paired with a renewable energy tariff or solar panels

How Much Does an EV Charger Installation Cost?

The cost of installing a home EV charger in the UK typically ranges from around £800 to £1,500 for a standard installation, though prices can vary depending on the charger model, the complexity of the installation and your location.

A basic 7kW wallbox charger, which is the most common type for home use, usually costs between £400 and £800 for the unit itself. Installation costs then depend on factors such as the distance from your consumer unit (fuse board) to the charging point location, whether any electrical upgrades are needed, and whether groundwork is required to run cabling.

More advanced chargers with features such as solar panel integration, load balancing or vehicle-to-grid technology can cost more. If your electrical supply needs upgrading to accommodate the charger, this can add several hundred pounds to the overall cost.

While the cost of a charger alone may not justify a remortgage, many homeowners choose to bundle the installation with other home improvements or green energy upgrades. This makes the overall project more financially efficient and can maximise the value added to your property.

For example, combining an EV charger with solar panel installation, battery storage, or general electrical upgrades can create a package that makes strong financial sense when funded through a remortgage.

Government Grants and Incentives for EV Chargers

The UK government has offered various incentive schemes to encourage the adoption of electric vehicles and home charging infrastructure. These schemes have evolved over time, so it is important to check the latest availability before making plans.

The Electric Vehicle Homecharge Scheme (EVHS), which previously offered grants of up to £350 towards the cost of installing a home charger, was replaced by the EV chargepoint grant. This newer scheme is primarily available to homeowners who live in flats or rented accommodation, as well as landlords who wish to install chargers for their tenants.

If you own a house with off-street parking, you may no longer be eligible for government support towards the charger itself. However, there may be other incentives available through your local council, energy supplier or vehicle manufacturer.

Scotland has historically offered additional support through the Energy Saving Trust, including interest-free loans for home energy improvements that can include EV charging equipment. Wales has also provided grants for home charging installations in certain circumstances.

Even without a grant, the long-term savings on fuel costs and the potential increase in property value can make a home charger a sound investment. A mortgage adviser can help you factor these savings into your overall financial picture when considering a remortgage.

It is worth noting that VAT on domestic EV charger installations has been reduced in some circumstances, which can help reduce the upfront cost. Always check the current VAT position with your installer.

How Remortgaging Can Fund Your EV Charger

Remortgaging to fund an EV charger works in the same way as remortgaging for any other home improvement. You switch your existing mortgage to a new deal, potentially with a new lender, and borrow additional funds on top of your current mortgage balance.

The process typically involves the following steps:

Step 1: Review your current mortgage. Check when your current deal ends and whether any early repayment charges apply. Remortgaging is usually most cost-effective when your existing fixed or tracker rate period has ended.

Step 2: Assess your equity. Your lender will need to value your property to determine how much additional borrowing is available. Most lenders allow you to borrow up to 85-90% of your property's value.

Step 3: Get quotes for the work. Obtain detailed quotes from OZEV-approved installers (Office for Zero Emission Vehicles). Having clear costings helps your lender understand the purpose and scale of the borrowing.

Step 4: Speak with a mortgage adviser. A qualified adviser can search the whole market for the best remortgage deal for your circumstances. They can calculate whether the additional borrowing will leave you better off, taking into account any rate savings on your existing debt.

Step 5: Apply and complete. Once you have chosen a deal, the application process typically takes four to eight weeks. Your adviser or lender will guide you through the paperwork.

Many homeowners find that by securing a lower interest rate on their existing mortgage at the same time, the net increase in monthly payments from the additional borrowing is relatively modest.

Combining EV Charging with Other Green Improvements

If you are considering remortgaging for an EV charger, it can make financial sense to bundle this with other green home improvements. A larger, well-planned project can add more value to your property and deliver greater long-term savings.

Popular green improvements to combine with an EV charger include:

• Solar panels — generate your own electricity to charge your car for free during daylight hours
• Battery storage — store excess solar energy to charge your EV overnight
• Heat pump installation — replace your gas boiler with an air or ground source heat pump
• Insulation upgrades — loft, cavity wall and floor insulation to reduce energy bills
• Double or triple glazing — improve thermal efficiency and reduce heat loss
• Smart home energy management — systems that optimise when your car charges based on energy prices and solar generation

The combined effect of these improvements can significantly reduce your household's carbon footprint and energy costs. Many lenders now offer green mortgage products with preferential rates for properties that meet certain energy efficiency standards, which could work in your favour.

From a property value perspective, homes with strong energy performance certificate (EPC) ratings command higher prices. An EPC rating improvement from D to B, for example, can add thousands of pounds to your property's market value.

Before committing to a package of improvements, it is advisable to get an EPC assessment to identify which upgrades would have the greatest impact on your home's energy rating. This can help you prioritise your spending for maximum benefit.

Things to Consider Before You Remortgage

While remortgaging for an EV charger can be a smart move, there are several factors to weigh up before proceeding.

Early repayment charges. If your current mortgage deal has not yet ended, you may face charges for switching early. These can run into thousands of pounds and may outweigh the benefits of remortgaging now. Check your mortgage terms carefully or ask your adviser to calculate the costs.

Proportionality. If the charger installation costs less than £1,500, a remortgage may not be the most efficient funding method when you factor in arrangement fees, valuation costs and solicitor fees. A personal loan or savings might be more appropriate for a smaller project. However, if you are combining the charger with other improvements or if your current mortgage rate is uncompetitive, remortgaging becomes more attractive.

Planning and permissions. Most home EV charger installations do not require planning permission, as they fall under permitted development rights. However, there are some exceptions, particularly if you live in a listed building, a conservation area, or if the charger would face a highway. Always check with your local planning authority.

Electrical capacity. Older properties may need electrical upgrades to support an EV charger safely. Your installer will assess your electrical supply and advise on any necessary work. This should be factored into your overall budget.

Future-proofing. Consider installing cabling and infrastructure that can support a faster charger in the future, even if you start with a standard 7kW unit. This avoids additional disruption and cost down the line.

A FCA-regulated mortgage adviser can help you assess whether remortgaging is the right approach for your circumstances, or whether an alternative funding method would be more suitable.