Nationwide has confirmed a support package to help landlords meet 2030 energy efficiency standards. It has confirmed free assessments with Eco Approach to help landlords identify what improvements need to be done.
Through its subsidiary The Mortgage Works, the mutual, which has branches in Birmingham, has also launched new Further Advance products with discounted rates to help finance costs. Two and five-year products are available; both at 2.99% – around 2% cheaper than standard further advances.
It comes as research shows landlords would welcome help understanding what to do and how to finance it. As part of the pilot, The Mortgage Works will fund 1,000 property assessments for eligible landlords.
New Energy Efficiency Further Advance Products
Alongside the assessment pilot, The Mortgage Works is launching two new ‘Energy Efficiency Further Advance’ products.
Dan Clinton, Head of Buy to Let at The Mortgage Works, said: “We know many landlords are still grappling with the upcoming Minimum Energy Efficiency Standards, and our new assessment with Eco Approach gives landlords clear insight into what is needed to meet their obligations.
“By having the free property assessments with Eco Approach, along with The Mortgage Works’ discounted Energy Efficiency Further Advance products, we aim to remove the uncertainty and some of the cost barriers. Improving energy efficiency isn’t just about meeting future standards, it can also enhance property values, boost rental yields and create more comfortable homes with lower energy bills for tenants. We’re committed to helping our landlord customers act now so they’re better prepared for the changes ahead.”
Lee Rix, Managing Director of Eco Approach, said: “We are proud to be working with The Mortgage Works on this important initiative, helping landlords understand the improvements needed across their properties and giving them a clear, practical route to action. Combining discounted lending products with Eco Approach's retrofit expertise means landlords can rest assured that high-quality installations, underwritten by insurance-backed guarantees, will assure compliance with the new legislation. Our resident-first approach is designed to make the journey smooth and informed for landlords and tenants alike, supporting better property performance and homes that are warmer, healthier and more affordable to run.”
David Hollingworth, associate director at L&C Mortgages, said: “The clock is ticking for landlords to improve the energy efficiency of their properties and the sooner that they start to think about the necessary steps, the easier it should be to manage the work and expenditure. Although many landlords will realise that they will need to take action, it can be hard to know where to start. It’s therefore important to be able to pinpoint a practical plan to work towards the necessary standards. Being able to evaluate and understand the size and cost of the job, followed by tailored advice on the options to fund improvements should help avoid a last-minute panic as deadlines approach.”
