The products, for both individual borrowers and limited companies, are to help existing customers secure further lending to improve the energy efficiency of their rental properties.
The mortgages are available for loans of between £2,500 and £39,999, with the requirement that at least 50 per cent of the funds will be used for environmentally friendly improvements to the property. This may include a cavity wall insulation, solar panel installation, or the fitting of an air source heat pump. There are no arrangement or booking fees, and overpayments are permitted on both products.
The most recent draft deadline for new rental properties to reach an EPC rating of at least a C is set to be extended from 30 April 2025 to 31 December 2025, with a further extension to 2026 expected. However, time is becoming a serious factor for landlords looking to not be penalised as the currently proposed 2025 and 2028 deadlines for existing and new and tenancies loom.
Roger Knight (pictured), lending manager at Newbury BS, said: “We are keen to help our borrowers improve the energy efficiency of their let properties and are here to help ease this transition.”
