Greener Mortgages
“Whatever your stance on climate change, with around 20% of UK emissions coming from our existing housing stock, as an industry there will be expectations that advisers be fully involved as we tackle this issue. Doing nothing is not an option, either because we will have to get involved through legislation, regulation or lender activity, or more importantly because our customers will demand that we are playing an active role.
There is a lot to consider when buying or renovating a property or even just getting a new mortgage, from new regulations, the housing market itself, building materials, let alone how the current price of energy will impact”**
There is a lot to consider when buying or renovating a property or even just getting a new mortgage, from new regulations, the housing market itself, building materials, let alone how the current price of energy will impact”**
**Source - Kevin Roberts – Director of Mortgage Club, Legal & General
We have been given access to a range of tools and resources to help you support our clients when deciding how to incorporate sustainable energy into their homes, what the requirements are for landlords and how the New Build landscape is being influenced by the green agenda
Natwest Greener homes attitude tracker – Findings October 2022
- 68% of UK homeowners plan to make green home improvements in the next decade, up from 63% in Q2
- 68% of homeowners planning improvements to the environmental sustainability of their property over the next decade
- 14% of homeowners plan to install a smart energy meter in the next 12 months
- 40% prospective homebuyers said that a property's EPC rating was a 'very important' factor
- 44% of respondents reported switching off devices to reduce energy bills
So……. What are Green Mortgage products?
Green mortgage products are offered by lenders to incentivise people into buying an eco-friendly home or to renovate an existing home. Along with the benefit of saving on energy bills, these products tend to have discounted fixed interest rates or up to £1000 cashback and can be used when purchasing or re-mortgaging a residential home
or buy-to-let
An EPC rating tells you how energy efficient a property is, with ‘A’ being the most efficient and typically associated with new-build properties, and ‘G’ being the least efficient. The EPC will describe how you can improve the home’s sustainability, such as getting better insulation or installing double or triple glazed windows, and how this might lower the cost of running the home. Once you have made home improvements, it is a good idea to have a new EPC done.
To qualify for a green mortgage, lenders usually require an EPC rating of B or above, with the exception that some lenders require a rating of C or above. Elysian Finance can provide you with some helpful tips on how to qualify & the best lenders
What are Elysian Finance doing to be “Greener”
Here at Elysian, we are trying to make a conscious effort to be more eco friendly:
- We plant trees to offset our Co2 omissions
- Going paperless
- We reuse then recycle
- Making the commute ‘greener’ such as using public transport, carpooling, or walking
- Buying local
If we all do a little it will mean a lot!