Borrowers can get a reduction of up to 0.50%
Specialist property lender Glenhawk has announced that it is offering an end-of-term discount for borrowers undertaking light or medium refurbishment to improve the energy performance certificate (EPC) rating of their property.
The lender said borrowers can get a discount of up to 0.25% if improving to an EPC rating of ‘C’, or 0.50% for a ‘B’ rating or above.
The promotion will be available until May 31, 2023 across Glenhawk’s unregulated refurbishment product range, for residential assets and commercial to residential conversions.
Glenhawk said the incentive has been launched against a backdrop of stricter regulation regarding minimum energy efficiency standards affecting the UK residential sector.
“The UK has the oldest housing stock in Europe, which poses a significant challenge for landlords and property owners,” Michael Clifford (pictured), commercial director at Glenhawk, said.
“Given real estate’s well publicised carbon footprint and the UK’s ambitious net zero targets, lenders like ourselves have an obligation to support borrowers in improving the energy efficiency of their properties. Aligned with our institutional backers, this is just the latest step on our sustainability pathway, with a more formalised product offering targeted for later this year.”
Despite the ongoing volatility impacting the UK real estate market, Glenhawk said it has enjoyed a record month of lending in March across its unregulated and regulated bridging products, along with a record number of new applications.
Earlier this year, the specialist lender launched a free valuation promotion, focused on reducing the upfront cost of borrowing for clients, following direct feedback from clients and brokers.
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