Today, Halifax announced that they will be collecting Energy Performance Certificate (EPC) ratings as part of their mortgage application process. Although there is no minimum EPC requirement, the need to submit details of a home’s EPC rating as part of a mortgage application will, at the very least, be a prompt for thinking about energy efficiency.
Like many other lenders, Halifax are offering preferential mortgage products and rewards for ‘greener’ homes. Here are some current examples of green initiatives in the mortgage market:
Halifax are offering £250 cashback for homes with EPC ratings of A or B.
Nationwide offer £500 cashback for A or B rated properties, and preferential interest rates for existing borrowers who wish to extend borrowing to fund home improvements that could increase energy efficiency.
Coventry Building Society are offering mortgage customers £500 towards the cost of certain energy-efficiency home improvements through their ‘Green Together Reward’.
Nat West have a range of Green mortgages that benefit from lower interest rates than their standard equivalents.
Barclays offer preferential rates on mortgages for new-build properties in the top energy efficiency bands.
Although these lenders are rewarding being green, it does not mean that green deals are always the most cost effective option. Some lenders offer standard products that are more competitive than the green alternatives, so it is important to assess all the options to ensure the best solution given your individual circumstances and requirements. For a no obligation discussion with an independent mortgage adviser, contact us on 01749 676625 or at ed@findpeaceofmind.co.uk.