Rich Lawton - Head of Bridging Precise Mortgages
Published 03.11.2023
Shhhh! Can you hear that? Listen very carefully and you may just be able to detect a sigh of relief from landlords up and down the country following the news that the plan to improve the energy performance certificate (EPC) rating on buy to let properties has been scrapped.
Following years of uncertainty, the government recently announced that it was shelving any new EPC regulations and said there were no plans to revisit proposals in the foreseeable future*.
When the plans to improve the energy efficiency rating of the UK’s rental stock were originally unveiled back in 2018, landlords had to ensure their properties had minimum energy rating of at least E. This was then revised to a C rating for new tenancies from 2025 and for existing tenancies from 2028, before being pushed back to all tenancies from 2028.
The news will have been welcomed by thousands of landlords who had been left worrying about how they were going to be able to afford to improve their properties or even have the time to meet the minimum standards by the 2028 deadline.
Indeed, following years of tax changes and increasing regulation, some landlords saw the proposed changes as the last straw and have already exited the buy to let sector.
However, it hasn’t stopped many other landlords seeing the undoubted benefits that upgrading their properties would bring, not just to their bottom line, but also to existing and prospective tenants.
Reduced monthly energy bills, enhanced comfort, health and well-being are all very attractive features for people looking for a home to rent, especially in the current cost of living crisis and with increasing efforts to combat climate change and protect the planet.
So, if you’re approached by a landlord who’s looking for funding to make improvements to improve the energy efficiency of a property, did you know that bridging finance could offer the ideal solution?
Bridging finance could offer landlords the speedy, short-term borrowing solutions they need to finance their property upgrades. It could help them to quickly make improvements, minimising the impact on their tenants.
As one of the UK’s leading specialist lenders, we’re focused on delivering clear bridging solutions.
Brokers will receive support from our team when helping their customers to get the loan they need as quickly and efficiently as possible.
Our refurbishment buy to let proposition could offer your customers the flexibility of bridging finance with the surety of an exit onto a buy to let mortgage at the time of application.
We provide a choice of three exits depending on the type of refurbishment works, so whether they’re fitting a new kitchen, looking to improve the energy efficiency of a property by installing double glazing or refurbishing a property that already has a high EPC rating, our offering could support landlords with their property improvements.
If you’d like to see how our dynamic bridging solutions could help, speak with your local business development manager, call our dedicated support service on 0800 116 4385 or contact us on Live Chat.
Sources:
1 www.gov.uk/government/speeches/pm-speech-on-net-zero-20-september-2023
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Precise Mortgages,
2 Charter Court, PO Box 6037,
Wolverhampton, WV1 9QW.
0800 116 4385
