0:04 AM, 21st June 2023, About 8 months ago 2
In a pioneering move, one buy to let specialist lender says it will offer a £1,000 cashback incentive to landlord borrowers who upgrade their property’s Energy Performance Certificate (EPC) level to C or above.
This limited-edition feature applies to Fleet Mortgages’ five- and seven-year fixed-rate products, excluding Green options, and is valid for completions from 1st July 2023.
The lender says it is breaking new ground as the first in the specialist BTL mortgage market to introduce such an initiative.
The firm wants to encourage landlords to undertake necessary improvements to enhance their property’s EPC rating if it currently falls below the C standard.
Fleet’s chief commercial officer, Steve Cox, said: “We’ve been very vocal in the past that having a Green product range, rewarding those who have properties already at EPC level C and above, was absolutely right.
“But this felt like just the first step for us.
“It’s therefore very pleasing to be able to announce this next step, which you might say focuses on the real matter at hand, supporting landlord borrowers as they seek to improve the EPC of those properties not yet at this level.”
He adds: “This cashback feature is designed to help motivate landlords to make the necessary improvements to their properties, so they can contribute to a greener future for everyone, and also importantly get ‘money back’ against the costs of completing those works.
To qualify for the £1,000 cashback, participants must inform Fleet about any enhancements made to a property’s EPC level.
The updated EPC must be documented on the Government’s official website for energy certificates.
The lender says its innovative product will encourage landlords to meet potential future requirements for minimum EPC levels – and support the government’s goal of achieving net-zero carbon emissions by 2050.
In addition to the cashback incentive, Fleet will continue to offer Green five-year fixed-rate and tracker mortgage products to landlord borrowers with properties rated EPC Level C or higher. These loans come with rates 10 basis points below the core offering.