One of the biggest buy to let lenders is the latest mortgage firm to launch a green product.
From today the Barclays Green Home Buy-to-Let Mortgage will reward customers looking to buy to let – who choose to buy an energy efficient new build home – with lower interest rates on their mortgage.
It will be available for new build purchases that have an energy efficiency rating of 81 or above, or are in energy efficiency bands A or B.
Barclays was the first major lender to launch a Green Mortgage in 2018, and has since helped over 4,000 customers complete a purchase on an A or B EPC rated new build home, giving them lower interest rates.
Barclays Mortgages will now offer a 10 basis point discount for customers who choose two and five-year fixed rate Green Home BTL mortgages up to 75 per cent loan-to-value.
This means landlords will have the opportunity to save up to £1,250 on a BTL mortgage of £250,000 over the five-year fixed term, or £500 on a £250,000 mortgage over the two-year fixed term.
Lee Chiswell, head of Barclays Mortgages, says: “We will continue to explore pioneering green products that meet the demands of our customers, to help them navigate the transition to a low-carbon economy and to encourage innovation in the lending sector.”
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Unfortunately the £1250 saving on your Green Mortgage will be swamped by the over pricing of the new build home! Older, established homes are much better value than the new builds, released at a rate which inflate their price to make the builders more profit and supported by Govt policy (eg Help to Buy) which inflate their prices.
I don't think Barclays will see a stampede for this product!
The way things are at present it would be foolish to be buying more property to rent, and even more foolish to be doing so on borrowed money, landlords with mortgages would be well advised to be paying down borrowings
Good idea from Barclays, however I don’t think they seem to realise that it is not ebut not enough incentive for a private to invest nowadays, especially with the new tax system in place.
Good idea from Barclays, however I do not think they seem to realise that it is not enough incentive for private landlords to invest nowadays, especially with the new tax system in place.
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