Foundation Home Loans has announced it is opening up its green mortgage products to landlords purchasing property.
The intermediary-only specialist lender has now launched three new two-year products for individuals and limited company buy-to-let borrowers.
These will be open to those seeking to purchase a green property on variable discount rates, and with no early repayment charges, following the success of the lender’s Green Reward remortgages for landlords and owner-occupiers.
Foundation confirmed the product pricing starts at 1.99% for properties with an energy efficiency rating of A, which is a discount of 3.1% for two years; for products with an energy efficiency rating of B, the current rate is 2.29%, a discount of 2.8%; and for properties with an energy efficiency rating of C, the current rate is 2.49%, which is a discount of 2.6%.
These new ‘Green ABC’ purchase mortgages from Foundation are priced to reflect the increased benefit to the landlord based on the energy efficiency rating of the property.
“The better the EPC rating, the bigger the discount, and our aim is to help meet the needs of landlords who want a more energy-efficient property portfolio,” commented Foundation commercial director, George Gee.
“Not only do these products have excellent rates, starting at 1.99%, but there are no ERCs which will allow landlords a larger degree of flexibility, plus will also allow them to improve the energy efficiencies of those properties further and benefit from the remortgage reward fixed rate options that are available.
“Foundation was one of the first specialist lenders to launch a green product offering and we are seeking to support landlords in securing the most energy-efficient properties possible.
“The government has itself set an ambitious target of net zero greenhouse gas emissions by 2050, and it’s widely thought that in order to do this we’ll need to eliminate energy inefficiencies from UK housing stock by 2030.”
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