Coventry for intermediaries launches new Green Further Advance and Home Energy Efficiency Tool

Coventry for intermediaries is helping clients navigate changing EPC legislation with a Home Energy Efficiency Tool and their Green Further Advance, a loan that offers a lower rate for clients when they make energy-efficiency improvements.

Jonathan Stinton, Head of Intermediary Relationships at Coventry for intermediaries says, “According to the Energy Saving Trust, around 21% of the UK’s carbon emissions come from our homes and buildings, but around 60% of housing stock is EPC rated D or below.

If property owners can raise their EPC rating by insulating, switching to a renewable energy source, or from other improvements, they could save money on their energy bills and comply with changing EPC legislation.”

The government is proposing to raise the minimum EPC requirement for both BTL and residential properties. Landlords may well be affected first, as the minimum rating for BTL properties is likely to change to C or above for new and existing tenancies.

The new Home Energy Efficiency Tool has been developed with support from Energy Saving Trust. It looks at the current and potential EPC rating of a property and generates practical recommendations for improvements depending on budget. It’s easy to use – just answering a few simple questions generates a personalised efficiency plan.

Jonathan Stinton says, “Even though monthly household budgets are under pressure from inflation and the overall cost of living, there are still opportunities to invest in your property – and improvements don’t have to break the bank.

A simple change like insulating a hot water cylinder could save the average home around £70 a year. Bigger fixes like replacing windows or installing a heat pump will cost much more but could bring significant savings in the long term.”

The Tool is only a guide but it helps brokers show their clients how small changes could make a real difference.

Clients who are keen to make energy-efficiency improvements could benefit from a lower rate with a Green Further Advance. The maximum loan amount is £25,000 and to qualify, a customer must spend at least half making eligible improvements designed to reduce carbon emissions and increase their property’s efficiency. Both BTL and residential clients can apply for a Green Further Advance as long as they are existing customers of Coventry Building Society or Godiva Mortgages Limited, they’ve held their mortgage for at least six months, and they meet current lending criteria.

The Green Further Advance range comes with no product fee and is available up to 90% LTV for Residential clients and 75% LTV for BTL clients with 2 and 5 Year options. It isn’t available on Offset or Flexx for Term mortgages.

Product highlights:

Residential Green Further Advance

3.53%

5 Year Fixed to 31.10.28

75% LTV

No Fee

BTL Green Further Advance

3.94%

5 Year Fixed to 31.10.28

75% LTV

No Fee

For more information, to see who’s eligible and the types of improvements that qualify.