Specialist buy to let lender Fleet Mortgages new Green Mortgages across its three core ranges – standard, limited company and LLP, HMO and multi-unit freehold blocks.
The new Green products are available to those landlord borrowers seeking to purchase or remortgage properties which have an EPC level of A through to C, and are five-year fixes available at 75 per cent Loan To Value.
They come with a 10-basis points reduction off Fleet’s core five-year fixes with both standard and limited company/LLP offered at 4.85 per cent and HMO/MUFB offered at 4.99 per cent.
Fleet has also reintroduced product options at 65 per cent LTV, with standard and limited company/LLP products available at 4.85 per cent and HMO/MUFT at 4.99 per cent.
Steve Cox, chief commercial officer at Fleet Mortgages, comments: “We are very pleased to be making our first entry-level foray into the provision of Green mortgages for landlord borrowers, who are increasingly looking for properties with EPC levels between A and C in order to meet any future requirements placed upon them in this area.
“This is an entry point for us when it comes to Green activity and we’ll continue to look at the ways and means by which we can support landlords as they seek to deliver greater levels of energy efficiency within the housing stock of the private rental sector.
“We’ve also been able to reintroduce our 65% LTV products across all three core ranges, however as swap rates have rocketed and as the market for two-year fixes has diminished, we have made the decision to temporarily withdraw our two-year products.
“At present, to be active in this space would mean pricing these products at levels which would simply be unattractive to advisers and their landlord clients, especially given that five-year money is far cheaper than two-year at present.
“We’ve therefore decided to stick with five- and seven-year products alongside our trackers until a time when the market shifts, and it makes sense to bring back competitively-priced two-year fixes.”
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A landlord would need to be really green to think these interest rates are good!
Much better rates are still available for anyone unlucky enough not to have a fix that takes them through the next couple of years or more.
How’s that going improve the housing stock, everyone cherry picking the more energy efficient ones, its a Penalty rather than giving help for older properties to improve.
I've posted this before but I've taken this matter into my own hands. I haven't got time to wait for the Government
I have a 3-bed rental, built in 1959 and it's not Listed. It was an EPC Grade E and my tenant was complaining of high energy bills last winter.
1. I got my domestic EPC assessor to prepare a draft 'as is' EPC and a draft 'predicted' EPC for the house based on the refurb I was planning to do.
2. My handyman installed 100mm of loft insulation between the joists and then an extra 200mm layer of loft insulation at right angles across the joists. This is current Building Regs standard for a new house. Loft insulation is £24 for a big roll at B&Q
3. I had a Google Nest thermostat/timer installed. I ordered this direct from Google and a professional installer fitted it within the price.
4. My plumber installed TRVs on all the rads and showed the tenant how to use them.
5. My electrician fitted a 'kill switch' by the front door wired into the lighting circuits of the Distribution Board. As the tenant leaves the house one push of the button turns off all the lights in the house. Very simple and effective.
6. My handyman changed all non-LED lamps over to Philip LED lamps
7.I had already got my handyman to install solid insulation board between the joists on the ground floor prior to some recarpeting that I did a few years ago.
8. Pioneer Insulation fitted external wall insulation around the walls. This was a big investment but the house now looks brand new and it's a unit that I'm holding long-term.
9. I couldn't justify the expense of new windows so I bought 'poor man's' secondary glazing from a small British company called WindowSkin. I used their product before to cover a large sash window in the winter in a draughty office that I use to rent. It's a custom cut piece of totally clear Perspex that clips on the inside of the window frame in winter to cut out 100% of window draughts. Stores under a bed in the summer.
10. Whilst we were at it my handyman installed a Nuaire DriMaster Heat Positive Input Ventilation (PIV) unit up in the ventilated loft with a outlet in the 1st floor landing ceiling. The tenant was moaning about condensation and being unable to dry clothes/towels. This simple fit-and-forget unit has totally solved these problems.
11. My EPC assessor came back after I had completed these works and gave the house an EPC Grade B by one point (score 81)). This certificate stays on the national database for the next 10-years.
My mortgage broker expects to be able to get a better rate for me now that I have a 10-year valid EPC Grade B when I have to refinance next year.
The above project took me about 10 x phone-calls and 2 x site visits to sort out. It really wasn't that onerous and I was surprised how straightforward it was after I’d done the initial research
I'm now close to finishing a similar package of works on my own family home – this will raise it from an EPC Grade E to a Grade C and will start to really reduce my energy bills in the next few weeks.
In my experience secondary glazing is not only highly effective in heat insulation it’s also brilliant for noise elimination.
Lots of mixed use properties near me and they’re always leaving their noisy commercial air con units on at night , before it was a nightmare . Now with secondary glazing sheer bliss !
40 Years ago I bought and renovated a lovely original cottage in Kimberley (Norfolk) close to a busy B road, it would have been criminal to take those original windows out so I fitted proper sliding secondary glazing, it worked perfectly and cut out all the traffic noise , I recently fitted the same secondary double glazing to a flat in Norwich at a busy road junction to get the EPC up to an E and has worked just the same, tenant very happy, dead easy to fit as well, just a mornings work
Very good it’s a system that’s operable and can be opened and closed not one sheet fixed over the windows
It was never a big deal for me to change windows especially if not in a Conservation Area which are usually make of wood even then everything is factory pre make whether sash or casement, just 8mm gap all around & foam them in + some mechanical fixings. I know they are expensive to buy but are usually pre finished saves a lot of time & maintenance. I have been known to put in 2 bays in a day or 8 straights before FENSA was heard of.
Would FENSA apply to secondary double glazing ? oh well never mind I fitted them myself
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