Specialist real estate lender, Glenhawk, has launched a new sustainability incentive and will now offer an end-of-term discount for borrowers undertaking refurbishments that improve the Energy Performance Certificate (EPC) rating of a property.
Borrowers could enjoy a discount of up to 0.25% if improving a property to an EPC of C, or to 0.50% for B or above.
Government regulation will require landlords to evidence their residential properties achieve a rating of C or higher by 2025 for any new rentals, and all private rentals by 2028. Currently, 56% of properties in England, including 2.4 million privately rented homes, have an EPC rating below C.
Glenhawk suggested that compliance with minimum rating requirements will be “essential” for landlords and investors seeking to maximise capital and rental values at the point of letting or sale.
The lender’s incentive has been launched against a backdrop of stricter regulation regarding minimum energy efficiency standards affecting the UK residential sector. It will be available until 31 May 2023 across Glenhawk’s unregulated refurbishment product range, for residential assets and commercial to residential conversions.
Commercial director at Glenhawk, Michael Clifford, said: “The UK has the oldest housing stock in Europe, which poses a significant challenge for landlords and property owners. Given real estate’s well publicised carbon footprint and the UK’s ambitious net zero targets, lenders like ourselves have an obligation to support borrowers in improving the energy efficiency of their properties.
“Aligned with our institutional backers, this is just the latest step on our sustainability pathway, with a more formalised product offering targeted for later this year.”
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