A prominent buy to let mortgage provider is advising landlords to ensure they check EPCs and energy efficiency issues on properties they are considering buying to let out.
Emma Cox, sales director at Shawbrook Bank, advises: “Before putting in an offer, landlords should have a clear understanding of a property’s current Energy Efficiency, especially if it falls below a C rating, in order to comply with the latest proposed legislation on new tenancies from 2025.”
If the new energy efficiency Bill is passed by Parliament, landlords are expected to have to meet the target by December 2025 on new tenancies, and then on all rented properties by December 2028.
Failure to comply will lead to a property becoming illegal to let and possible fines for non-compliant landlords.
Cox, commenting on new housing market data from Zoopla, extends her advice to landlords.
“Locking in a competitive, fixed rate, mortgage may never have been a smarter decision than now. Demand for housing continues to be skewed and is testing even the most ambitious of buyers” she says.
“Bidding wars, cash buyers and foreign investment are dominating a market that already had its fair share of challenges. In fact, the current reality makes the government’s Levelling Up agenda even more important.
“This interminable demand does fall in favour of landlords and property investors. If they are in a position to add to their portfolio in the newest hotspots, acting now ahead of any further interest rate rises is wise.”
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