Finance your heat pump

To apply for finance, you need to be over the age of 18, work at least 16 hours a week (on a permanent or self employed basis), or be retired with an income. You’ll need to be a UK resident and have lived in the UK for the last 3 years or more. You’ll also need your own bank account, as payments will be made by Direct Debit.

You can still apply for finance if you don’t have your own income but you’ll need to be living with a spouse or partner who meets the affordability criteria and can provide employment details as part of your application.

Our lender, Novuna will perform a soft credit check first. This’ll show on your credit file but won’t impact your credit score, and won’t be visible to other lenders.

If you choose to go ahead with your finance application, a full credit check will be completed. This is known as a hard search and will leave a footprint on your credit file that is visible to other lenders. This could impact your credit score.

If you’re refused finance but you'd like to continue with your heat pump installation, no problem! Let us know that you’re able to pay in full and we’ll organise that for you.

If you change your mind about finance, you have 14 days to withdraw from your finance agreement without giving any reason. This period starts from either the day after you make the agreement or the day you receive a signed copy of it, whichever is later. You’ll need to contact our lender (Novuna) directly for any questions relating to your finance arrangement, including cancelling it.

APR stands for Annual Percentage Rate and is the total cost of borrowing over one year. It includes the interest rate plus any fees associated with getting the loan. There are no fees for applying for or taking out a Novuna finance loan.

We can’t advise you on the amount of deposit you should pay or the amount of finance you could apply to borrow. You should take your time to consider which options are best for your particular circumstances. If in doubt, you could consider speaking to Citizens Advice or the Debt Counselling Service who can provide impartial guidance.

The longer term lending options can mean a lower monthly payment but they also increase the amount of interest you’d pay if you were accepted for a loan. You should weigh up carefully whether paying a higher amount of interest in return for a lower monthly payment is the right option for you.

We won’t take away your heat pump under any circumstance, except if it needs to be replaced due to a fault covered under your warranty.

If you’re worried about making your repayments, or your circumstances have changed, it’s important to contact your lender as soon as possible. They may be able to offer support or discuss alternative repayment arrangements based on your situation.

Missing payments could lead to additional charges and may affect your credit file, so early communication is key.

If you’re unsure what to do, you can also seek free, impartial advice from organisations such as Citizens Advice or a debt advice service.

Payments will begin one month after your heat pump installation.

There are no arrangement, exit or early settlement fees.

Novuna may charge for the following:

• Recalled Direct Debit Charge: £22.

• Returned or Recalled cheques: £25.

• Issue of a Default Notice: £25

The easiest way to manage your account with Novuna is via their website or mobile app. Visit their website to find the best way to contact them.

If you move after your heat pump has been installed, your finance agreement with stays the same. It’s a personal credit agreement linked to you, not the property - so you’ll still be responsible for the repayments, even if you move home.