Amid rising costs and financial pressure for landlords and tenants alike, the society says that it is committing to helping buy-to-let owners with an £11m investment, helping them to ‘green’ their homes across the UK over the new few years.
All of Skipton’s buy-to-let mortgage customers will be able to request up to 10 EPC Plus reports for the properties they own. The landlord is only required to have one mortgage with Skipton to enable them to benefit from up to 10 free EPC Plus reports for their property portfolio.
Skipton, the UK’s fourth largest building society and the parent organisation to the UK’s largest estate agency, Connells, confirmed that its buy-to-let landlord mortgage customers can register to have a free EPC Plus inspection carried out on their properties – and a free report provided bespoke to each one.
The society says that this will not only help landlords save hundreds of pounds on the cost of conducting EPCs reports across their property portfolios, but the EPC Plus will enable them to see what action they need to take before new regulation comes into force in 2025 for landlords.
The EPC Plus goes one step further than a traditional EPC report, providing not only the current energy efficiency rating of the property but the home’s potential EPC rating could be too. It includes a bespoke guide on how the landlord can achieve it, how much it could reduce their tenant’s energy bills, and signposts to sources of funding potentially available. It also estimates the tonnes of carbon produced by the household.
As part of the recent Autumn Statement, the Government reconfirmed £6.6bn will be committed to energy efficiency. However, it is currently estimated that it will cost more than £330 billion to upgrade all properties in the UK, with projected costs for landlords ranging from £2,500 to £50,000 per property to reach the new decarbonisation goals.
For properties in England, Wales and Northern Ireland, Skipton can also help landlords find out if they are eligible for any exemptions under the Minimum Energy Efficiency Regulations and how to enter this on the Private Rented Sector Exemptions Register.
Kris Brewster, Interim Chief Commercial Officer at Skipton, said: “Home energy efficiency is a huge societal challenge where everyone needs to play their part. It is only right that the business community steps up to the mark, and as a customer-owned organisation, we’re reinvesting some of our profits to help landlords save money and improve the energy efficiency of their properties.
“We understand that making any upgrades to the home can be a significant financial undertaking. To have a healthy housing market, we need to support every rung on the property ladder, and that includes people living in rental properties. Landlords play an integral part in housing provision but equally face massive challenges in greening their homes.
“So, we believe it’s only right that we help here too. We’ve taken the decision to also offer free EPC Plus inspections and reports to our buy-to-let customers too. Irrespective of if they only have one rental property mortgaged with Skipton, we will provide up to 10 free EPC Plus assessments and reports for their property portfolios. It is only through making such investments, that we will see positive change in the UK.”
Each report also details the typical costs associated with making any of the recommended changes to their properties mentioned in the report and provides access to registered, independent tradespeople who come recommended to carry out any changes.
Daniel Kittow, Managing Director at Vibrant, comments: “We are proud to be collaborating with Skipton Building Society to provide free EPC Plus reports to Skipton mortgage customers.
“As a leading supplier of EPCs and residential energy efficiency upgrades, we are committed to providing homeowners and buy-to-let landlords with the tools they need to improve their homes and reduce energy bills in the future.”