Kit Million Ross | 10:49 Friday 29th July 2022 | 0
The first product is available for borrowers who wish to refurbish a property that already has an EPC rating of C or above, or is awarded a C rating as a result of the improvement work, with rates starting from 3.79%.
The second option — priced from 3.89% — can be used by those looking to complete refurbishment works that include some element of energy efficiency (such as fitting double glazing or adding loft insulation).
The third product — with rates starting from 3.99% — is designed for borrowers undertaking standard refurbishment works to make a property habitable.
All new products are available at up to 80% LTV.
Jon Hall, group managing director of mortgages at OSB Group (pictured above), said: “There has been much talk within the industry about EPCs and many are unaware that we are still in a consultation period. FP Show 2021: The drive to boost EPC ratings will offer 'massive opportunity' for BTL brokers OSB Group's HNW division expands services to include bridging Precise Mortgages and InterBay launch new bridging proposition Poll Do you expect to see increased regulation in the bridging market over the next three years? Yes No Vote Results
“No firm direction has yet been given by the government, so it would be remiss to encourage landlords to upgrade their properties on the basis of achieving a certain EPC rating.
“What we do know is that as much as 20% of all emissions comes directly from property and, in line with OSB Group’s commitment towards net zero, we’ve introduced these new exits to assist landlords in their endeavours to improve the standard of housing they’re offering to tenants.
“By doing so, we’re also making a positive impact on the environmental, as well as social aspects of the ESG agenda.”
Richard Merrett, head of strategic development (mortgages) at SimplyBiz Mortgages, stated: “This refurbishment BTL product is exactly the type of innovation we are looking for in the market.
“We’re all facing real challenges with the rising costs of living, the potential regulatory requirements, and the desire to do the right thing.
“It’s this type of creativity that the market really needs more of to encourage more people to make changes."
Bridgingandcommercial.co.uk is a trading style of Medianett Publishing Ltd. Medianett Publishing Ltd is registered in England and Wales. Company Registration Number 13812429. VAT Registration Number: 400 1222 84. Trading Address: 71 Gloucester Place, 3rd Floor, London, W1U 8JW. Data Protection Notification No: ZB30 0009
Copyright 2022 Bridgingandcommercial.co.uk. Designed by Optimal Solutions