Cynergy Bank is providing funding for residential landlords to support them in making vital changes to their rental property portfolios, assisting with the nation’s new energy standards.
The EPC C+ term loan — available from 15th June 2023 for existing and new landlord customers — targets those who are looking to purchase properties or refinance existing properties, which already meet proposed new energy efficient standards.
The changes in the minimum energy efficiency standards (MEES) — as set out by the government —are in line with its target to be net-zero by 2050, which requires that from 2025 all newly rented properties will require a minimum EPC of C up from E.
The same rules will apply to existing tenancies from 2028 and properties without a valid EPC could receive a fine of up to £30,000.
The EPC C+ term loan launch follows the launch of the EPC property improvement loan last month.
Sharon Maguire, chief product and brand officer at Cynergy Bank, commented: “We are delighted to launch our new EPC C+ term loan which rewards residential property landlords who are looking to purchase or refinance energy efficient properties with an EPC rating of A, B or C, by providing discounted rates on our standard pricing for both variable and fixed rate products.
“The launch supports our drive and ambitions for growth this year while forming an essential part of our ESG strategy, by showing that we are using our products and services to help our customers with their climate transition and reduce the impact their businesses have on the environment.”