The total number of Green Mortgages has increased by 18 per cent in the last six months, mainly driven by the growth in buy-to-let mortgage deal.
From recent research from Defaqto, there are 648 Green Mortgages available in April 2022, up from 550 in October 2021
By way of an example, the number of buy-to-let mortgage deals has more than tripled from 85 in October 2021 to 292 in April 2022.
The above is partially being driven by potential legislation which state new Buy to Let tenancies might need to have an Energy Performance Certificate (EPC) of C or higher by 2025.
Green Mortgage deals offer preferential terms such as cheaper interest rates or cash back, to properties with better environmental standards, and are often offered on properties with an EPC rating between A and C.
The Green Mortgage deal can be used on New Build properties but can also be eligible for Second Hand properties if their EPC rating or energy efficiency is improved.
Katie Brain, consumer banking spokesperson at Defaqto, commented: ““Generally, newer homes will meet the criteria as they are built with modern regulations in mind, but older properties may need to be updated to ensure they are energy efficient.
The cashback incentives typically offered with these ‘green’ mortgages can make it worthwhile as opposed to the standard mortgage range,” Brain said.
Its worth noting though that despite the recent Bank of England base rate increases, Green Mortgage deals especially, still remain competitive in the UK.
At Broadland Consultants, our expert Mortgage Advisers can review the whole of the mortgage market for you for a Green Mortgage Deal hopefully saving you time and money.
If you’re based in Norwich or Norfolk, our Mortgage Brokers offer face to face meetings (video and telephone appointments also available)
You can also live search for a mortgage deal on our website here:
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE