Green mortgage search and filter introduced by Moneyfacts Analyser

Green mortgage search and filter introduced by Moneyfacts Analyser

16:13 PM, 3rd August 2022, About 2 weeks ago

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Moneyfacts Analyser has been updated so users will now be able to search and filter for ‘green’ residential and buy-to-let (BTL) mortgages.

Currently, the system will provide details for 525 residential mortgages and 302 BTL mortgages in the green mortgage market.

Green mortgages are gaining popularity with several lenders launching mortgages aimed at lending on energy-efficient properties and allowing borrowers to use the funds for green upgrades.

‘Green mortgages are now a significant part of the mortgage market’

Moneyfacts’ head of analyser products, Darren Cook, said: “The UK’s green mortgage market is gaining momentum and mortgage providers are continuing to launch new and innovative green products at an ever-increasing rate.

“Green mortgages have now become a significant part of the mainstream mortgage market, with new products regularly appearing with a variety of different green characteristics tailored towards improving the energy efficiency of a homeowner’s property.

“The latest update to our residential and BTL mortgage analysers is another innovation that combines the ability to perform market-leading detailed searches, state-of-the-art analysis, and expert comparison reporting.”

EPC rating on a property affecting their BTL mortgage application

The move chimes with a Property118.com Reader’s Question that was asked this week about the EPC rating on a property affecting their BTL mortgage application.

It was ‘BTL lenders asking for EPC C or above?’ and lots of people have responded to it.

The reader was making the point that she had recently tried to remortgage to a fixed rate product but in every instance, the mortgage lender had stipulated the EPC rating must be C or above to gain the new product.

Ann said: “I think this will be across the board with all mortgages now, soon or in the future, regardless of it not being a statutory requirement (as yet) to rent out our properties.”

EPC rating restriction for a new BTL mortgage

Among the responses were from those who had encountered a similar EPC rating restriction for a new BTL mortgage.

And one person highlighted that ‘Lenders are using their borrower’s EPCs to mitigate their own responsibilities as regards carbon use and energy efficiency. Some lenders are looking at different (higher) rates for poor EPCs whilst others will say no outright of too low.”

Another said that will the minimum EPC rating of ‘C’ is a requirement currently – it appears that growing numbers of organisations and lenders are gearing up for the recommendation to be made law.

If you would like to join in the conversation – go to the Reader’s Question: ‘BTL lenders asking for EPC C or above?’



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