Foundation Home Loans, in partnership with Vibrant Energy Matters, has announced the launch of new two- and five-year fixed-rate EPC Saver products.
The product is aimed at both landlords and owner-occupiers who purchase or remortgage properties and who require support in renovating and improving the property to achieve an EPC level of C or higher.
The Buy-to-Let EPC Saver is aimed at F1 borrowers – for customers with a virtually clean credit history – and comes with two and five year fixed rate products, available up to 75% LTV with a 1.25 fee %, and rates starting at 5.94%.
The Residential EPC Saver is also aimed at F1 borrowers – those just missing out on the mainstream due to historical credit issues – and comes with two and five year fixed rate products, available up to 75% LTV with a flat £595 fee and rates from 6.24%.
All EPC Saver products come with additional features including a bespoke report detailing the steps borrowers can take to achieve maximum property assessment (and further advice if required), as well as a cashback of £1,000 to be spent on the work required.
Borrowers can claim their free EPC inspection up to three months after taking out the mortgage to start their improvement process.
Commenting on the launch, Foundation Home Loans director of product and marketing Tom Jacob said: “Many of the green mortgage products currently available are aimed at properties that have already achieved an EPC C level or above, but this product is different because it is designed to help those who want to get their properties at or above this level.”
He added: “We are available to both landlords and borrowers who own properties and want to support customers who want to improve the energy efficiency of their properties, benefit from the lower energy costs this brings, and of course, ensuring that we continue to support the improvement of our CO2 emission levels from the UK property stock.”