Online lender LendInvest is now offering a green friendly initiative where Bridge-to-Let borrowers are now eligible to benefit from a cashback when they improve the EPC rating (or Energy Efficiency Rating) of a property during the term of their loan. LendInvest states that borrowers may save up to £600 on every LendInvest Bridge-to-Let loan.
For example, borrowers that increase their rating from ‘C’ or below a ‘C’ to an ‘A’ will receive the full amount of the cashback offer. Borrowers that improve their property’s rating from below a ‘C’ to either ‘C’ or ‘B’ will receive £200 and £400 respectively.
According to LendInvest, industry standards require landlords to achieve a minimum EPC rating of E on all rental stock.
This initiative is said to be the first in a series of planned product innovations that LendInvest intends to launch to enable its borrowers to have the most positive environmental impact.
Rod Lockhart, Chief Executive Officer at LendInvest, said they were proud to launch the initiative and his company is among the first lenders in the sector to encourage borrowers to put the environment first:
“Every time we originate a loan, we’re helping our borrowers to have a positive impact on the environment and the communities in which they work. But there is always more we can do. By incentivising our borrowers to improve the EPC rating of their properties, we want to raise the bar and help the property sector improve the energy efficiency of buildings. Whether it’s the products we bring to market, or the way that they are made available to borrowers and brokers, thinking differently and innovatively is at the heart of how LendInvest works. As a responsible business that’s serious about its environmental and social obligations, we are excited to apply our instinct for innovation into green product offers like this. We’re really looking forward to extending this initiative right across our product range in the near future.”
LendInvest is one of Europe’s largest non-bank mortgage lenders. The company has lent over £3 billion of short-term and buy-to-let mortgages, and is readying its first homeowner mortgage product.