Energy Performance Certificate
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In the ever-evolving landscape of buying property, you need to be aware of upcoming changes that might affect your mortgage. The Energy Performance Certificate (EPC) on a property is growing in importance.
- An Energy Performance Certificate (EPC) is a document that rates the energy efficiency of a building. It is a legal requirement for all buildings in England, Wales and Northern Ireland that are being sold or rented out. In Scotland, EPCs are not mandatory, but they are still widely used.
- EPCs are graded on a scale from A to G, with A being the most energy efficient and G being the least efficient. The rating is based on a number of factors, including the building's insulation, heating and lighting systems, and the type of fuel it uses.
- An EPC also includes recommendations on how to improve the energy efficiency of a building. These recommendations can help to reduce energy bills and make the building more comfortable to live in.
The cost of an EPC varies depending on the size and complexity of the building. In general, EPCs cost between £60 and £120.
You can get an EPC from a qualified energy assessor. A list of qualified energy assessors can be found on the Energy Performance Certificate Register.
Here are some of the benefits of having an EPC:
- It can help you to sell or rent your property more quickly and for a higher price.
- It can help you to reduce your energy bills.
- It can make your property more comfortable to live in.
- It can help to improve the environment.
If you are selling or renting your property in the UK, you will need to provide an EPC to potential buyers or tenants. You can find more information about EPCs on the GOV.UK website.
Here are some additional things to know about EPCs:
- You can check the EPC rating of a property on the EPC Register.
- EPCs are valid for 10 years.
There are a number of government schemes available to help you to improve the energy efficiency of your property.
Why Does An EPC Matter?
The need for environmental sustainability puts EPC ratings in the spotlight.
Governments and regulatory bodies worldwide are increasingly emphasising energy efficiency in buildings.
This had led to raising EPC standards in the UK and elsewhere.
- More and more, a good EPC rating may open up a broader range of mortgage products aimed at energy-efficient properties.
- As these changes come in, there will be more favourable terms and benefits associated with eco-friendly or green mortgages (see below).
Are There Any Changes in Legislation?
Starting from April 1, 2023, it will be unlawful to continue leasing a commercial property with an EPC rating of F or G, regardless of when the lease was granted.
This shift in legislation highlights the growing importance of energy efficiency and encourages landlords to take proactive steps to improve their properties’ ratings.
On top of that, there are proposed changes for rental properties in the future.
- By December 31, 2025, all newly rented properties are expected to have an EPC rating of at least band C.
- Additionally, existing tenants’ homes must undergo improvements to meet certain energy efficiency standards by 2028.
These changes underline a move towards creating sustainable living spaces, increasing the significance of EPC ratings for both property owners and tenants.
Are There Any Changes in Legislation?
A higher EPC rating is becoming more of an advantage when it comes to getting a mortgage. For instance:
- Some lenders are offering cashback incentives specifically designed for properties with good EPC ratings.
- Some also offer incentives that can be used for improving the energy efficiency of your property.
How Can I Improve My EPC Ratings?
You can take several steps to improve your property’s EPC rating by making energy-efficient renovations and upgrades such as:
- The installation of renewable energy sources like solar panels, effective insulation, and weatherization techniques can significantly improve the overall energy performance of a property.
- There’s some evidence to show that integrating smart home technology can also optimise your energy usage, leading to higher EPC ratings.
How Do I Get an EPC Rating?
To get an accurate EPC rating, you can request a quote from trusted partners or qualified assessors specializing in EPC assessments.
These professionals have the expertise to evaluate a property’s energy efficiency and provide valuable recommendations for improvements.
Mortgage Intelligence
If you’re looking for a comprehensive solution, Mortgage Intelligence offers the EPC Plus service in partnership with Vibrant EPC Plus.
This service provides clients with a seamless process, ensuring thorough EPC assessments and personalized guidance on improving their property’s rating.
Are There Rules for EPCs on a Holiday Let Property?
Holiday lets are exempt from EPC requirements currently, but some lenders do have their own limits that they place in their criteria.
- This may change in the next few years.
- Speak to a professional advisor with specialist knowledge of holiday mortgages to find out more.
What is a Green Mortgage?
A green mortgage is a type of mortgage intended to encourage buyers to invest in or increase the energy efficiency of their homes.
Green mortgages are likely to become more popular over time. Currently, if you want to apply for one, the property you’re buying should have an EPC rating of A or B,
Having said that, it works differently if you’re thinking of making improvements to your current home – you’ll need to show that the improvements you’re planning will make your property more energy efficient.
In the dynamic landscape of the mortgage industry, EPC ratings will play a bigger role in the future. They will almost certainly have a knock-on effect in shaping lending opportunities and promoting sustainability.
This means it’s really important to be aware of the energy efficiency of your home or the property you want to buy, and to consider ways you can upgrade your EPC rating if it’s low.
How we can help you
Here at House and Holiday Home Mortgages, our passion is to help you get the right deal for you. And because we keep our knowledge up to date and relevant, we're here to answer any questions you have about EPCs, Green Mortgages, and anything else.
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