5th
Apr 2022
With the ongoing efforts to attain better energy efficiency in PRS homes there has been a seismic increase in the number of BTL green mortgages.
A mortgage business broker states that currently there are now 353 BTL mortgage products available which is a record.
Since August 2021 there has been a month on month increase in green mortgage products and last year in July there were only 118 BTL green mortgages available.
Eco-related mortgages now accounts for 15 per cent of all BTL mortgage products on the market.
However with buy-to-let companies it is even higher with 244 deals available which now accounts for 19 per cent of BTL mortgage offers.
A spokesperson for the mortgage business broker, says that upon the ending of the stamp duty holiday which made sure that the property market stayed buoyant in spite of the pandemic restrictions, and that lenders are now concentrating on ‘encouraging’ landlords with greener products which was “something of a sideshow” until last year.
He continues: “At 14 per cent of the UK’s total emissions, housing has a greater carbon footprint than the farming industry. So there’s no question that improving energy efficiency is a critical part of tackling climate change.
“On the other hand, this criticality of meeting the climate change challenge doesn’t make it any easier for landlords.
“The average bill for landlords looking to improve their property is between £6,000 and £15,0000. When we asked them, only 38 per cent of landlords told us that they could afford to invest in making their BTLs more energy efficient. So mortgage lenders have a huge part to play in helping landlords to fund their efforts - they have a responsibility to provide the facilities to allow landlords to fund this.”
News Archive »