Landlords with good EPC ratings get better mortgage d...

Suffolk Building Society has announced the launch of a new five-year fixed expat buy to let product for properties with an Energy Performance Certificate rating of A to C.

It’s just the latest of a slew of buy to let products from a wide range of lenders aimed exclusively at landlords with good EPC properties, or giving favourable rates for those landlords.

The new Suffolk product is available on both purchase and remortgage cases for expat landlords.

The catalyst for the new product is the government’s proposed requirement for all newly rented properties to have an EPC rating of C or above by 2025, followed by all existing tenancies by 2028.

In a statement launching the product Suffolk Building Society says it “is committed to driving positive change in the housing market and hopes that in launching this new product, it will increase awareness of the need for landlords to comply with the new legislation coming into place soon.”

Charlotte Grimshaw, head of intermediary relations at Suffolk Building Society, says: “Expat landlords are likely to be less aware of the forthcoming changes than landlords who are based in the UK. We want to support expat landlords who are looking to purchase or remortgage a BTL property with an EPC rating of A-C. This is ahead of the changes in legislation coming in 2025.”

The product is a five year fixed expat Buy to Let mortgage at 6.15 per cent fixed for 60 months for properties with an EPC of A-C. It has a maximum LTV of 80 per cent, a minimum loan size of £75,000 and maximum loan size of £1m. There is an application fee of £199 and a completion fee of £1,499.

Grimshaw continues: “We’re well known for our expat lending, so we’re pleased to be able to offer a five-year fixed product that aligns with and takes future legislation into account. Indeed, helping to provide safe homes for people throughout the UK is an objective of the Society.

“We hope this product helps to support expat BTL landlords with their purchase and remortgage of an energy efficient property, and that this, in turn, could help renters looking for similar homes.

“We will continue to offer other buy to let products for expat landlords whose properties aren’t A-C at present. We will also be launching other products in the future which will help support landlords wanting to improve their BTL EPCs through home improvements.”

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Martin Gibbons
26 January 2023 17:13 PM

Good luck with that Simon. The main 7 x national domestic mortgage lenders are already pulling-up the drawbridge on co-investing in energy inefficient/high running cost houses and flats. Speak to your mortgage broker about it. You may be mortgage free but your buyers will all need to get a mortgage to buy your units. Otherwise its the cash buyer brigade (God help you with them) or the auction route for you. I hope you haven't left it too late to cash-out at a good price.

Robert Brown
27 January 2023 11:05 AM

Martin

I suspect you're a plant for the Greens!

This whole green business is a total con.

So called energy efficient new builds out in the sticks with all amenities only accessible by car and buildings that won't last 50 years.

I heard someone say that the younger generation vote green but live blue whereas the sensible oldies vote blue but live green, only washing clothes when required and drying them outside, wearing sensible clothes inside when it's winter time, using free buses etc.

The EPC should be given to PEOPLE not properties and higher taxes charged to those with the higher carbon footprints. THAT would be far more effective than demonising well built Victorian properties in the heart of the community which will long outlast so called eco friendly rabbit hutches in the sticks.

Robert Brown
27 January 2023 18:52 PM

We need 3 main elements, Carbon, Hydrogen and Oxygen and lots of trace elements.

C2H5OH is the basis of our favourite tipples, Ethanol, often with a little added H2O ( not too much!).

Andrew townshend
27 January 2023 19:10 PM

I need a mug of good old builders tea and a bacon roll to get me a going in the morning, and at night a glass of Irish with a drop of nice water for my mental health.

Robert Brown
28 January 2023 13:18 PM

I think you'll find carbon, hydrogen and oxygen are the main elements in all of these requirements - but, really Andrew - an Irish!!!!!!

Glad you said the water was nice and not the Irish!