Dudley Building Society has announced the launch of new products aimed at homeowners and landlords looking to improve the Energy Performance Certificate (EPC) rating of their properties.
The specialist lending building society has launched two new remortgage products as well as a further advance product.
With searches for energy saving home improvements up 96% year on year to July 2020, Dudley stated that it has been researching the increased demand from homeowners and landlords seeking finance to complete home improvements to improve their homes’ energy efficiency.
For homeowners looking to improve their EPC rating to a minimum of a B, Dudley is now marketing a two-year fixed rate at 3.79% with an LTV up to 80%. The minimum loan size is £150,000 while the maximum size is £1m.
The lender also confirmed that for landlords wishing to improve the rating on their BTL property to at least a C, there is a three-year fixed rate product at 3.79% with an LTV up to 70%, with minimum and maximum loan size of £175,000 and £1m respectively.
For existing customers, a two-year 2.10% discount energy efficiency further advance product is now available with a current payrate of 2.89% and a maximum LTV of 70%. The minimum loan size is £5,000 while the maximum loan for the product is £100,000.
The lender confirmed that the offer conditions will include a commitment to completing the energy upgrades.
Dudley commercial director, Sam Ward, said that the green mortgage market has experienced “increasing domestic demand” over the past 18 months.
“With the government keen to cut down emissions, launching these remortgage and further advance products is our initial response,” Ward commented.
“We hope to incentivise more homeowners who have been looking for ways to improve their properties’ energy efficiency and reward them with strong products allied to a combination of cashback or fee assisted incentives.
“We are committed to a green strategy and if our products help people by making it easier to fund these improvements, then we all benefit in the long run.”
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