There’s been a large rise in the number of buy to let green mortgages as the push for greater energy efficiency continues.
The broker Mortgages for Business says there are now 353 green BTL mortgage products on the market right now - its highest ever level.
The number has increased for seven consecutive months - in August 2021 there were only 118 green BTL mortgages on the market.
Overall eco-related mortgages now make up 15 per cent of all BTL products on the market.
For incorporated buy to let investors the trend is even more pronounced with 244 deals available, constituting almost 19 per cent of the total.
Mortgages for Business managing director Gavin Richardson says that following the end of the stamp duty holiday which had kept the property market buoyant for much of 2021, providers are now focusing on enticing landlords with greener products, which has been “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.”
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