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Green mortgages - should landlords be considering them?

Mon 13 Jun 2022

Many tenants now recognise that a major cause of greenhouse gas emissions are homes, making energy performance certificate (EPC) ratings a key consideration when deciding which rental property is for them.

 

Banks also recognise the demand for green homes and the extortionate costs associated with these, which is why more green mortgages are coming to the Scottish market.

Possible changes to EPC targets also mean that landlords are being driven to improve the energy efficiency of their homes. Therefore, these green mortgages could be useful in the long term.

 

Below, we take a closer look at what green mortgages truly entail to help Scottish landlords decide whether they should consider them.

 

What do green mortgages provide landlords?

 

Landlords who take out a green mortgage will receive incentives and beneficial terms if an energy-efficient home is purchased or the property the landlord already owns will undergo work to make it greener.

 

Depending on the lender these rewards will vary but cashback, cheaper interest rates, or an increased loan amount by the bank are often included.

 

Scottish landlords can find out the energy efficiency of their home by getting an EPC. A ‘G’ is the lowest possible score, a ‘D’ rating is the average, and an ‘A’ is the highest.

 

Going from an "E" to an "A" or "B" is both a challenging and expensive task, as landlords hoping to make their homes green can expect to be met with costs up to £15,000. However, with the financial assistance of green mortgages, making these improvements is going to become more attainable for many landlords hoping to make the switch.

 

Green mortgages grow in popularity

Recent statistics show that the number of green mortgages on the property market is steadily increasing, providing Scottish landlords with a bigger variety of options to choose from.

 

Over 350 green BTL mortgage products are already in the UK property market, meaning eco-related mortgages now make up 15% of all BTL products on the market.

 

With the Scottish government vocal about plans to achieve net zero by 2045 and reduce emissions by 90%, it is no surprise that green mortgages continue to grow in popularity across the country.

 

Green homes are valuable amongst tenants because they reduce the cost of energy bills, and they help tenants do their part for the environment.

 

For landlords keen on meeting the demands of tenants and wanting to be rewarded for doing so, green mortgages could be valuable for long-term growth.

 

More mortgage lenders are already helping make green homes more accessible to Scottish landlords.

 

Additional products and strategies to make homes greener for a lesser expense are expected to come over time. However, the sooner Scottish landlords weigh up and consider these options that are already available, the easier it will be for them to plan and make the transition.

 

Here at Letting Solutions, West Lothian’s first dedicated lettings agency, we can guide you through all aspects of the lettings journey and can help you to get the most from your rental properties as a result.

 

Please don’t hesitate to contact us, even if you are not a current client. You can ring us on 01506 496006 where our team are waiting to help. Or you can email us at: rent@letting-solutions.co.uk.

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