A plea to Property Developers.
You’ve spent thousands on a refurbishment and are now looking to refinance onto a BTL mortgage to get your money back. Why not spend extra on getting a new EPC once you’re finished your project?
Most property developers who come to us for a BTL mortgage to repay their bridging loan have the EPC which was issued when they bought the property. If it’s a D or E these are acceptable to lenders, but some are still F or G which aren’t acceptable to any long term BTL lender.
Nobody has mentioned this to them before. It’s criminal, as a good bridging broker should, because it influences which lender is going to repay the project.
To get a new EPC can delay the repayment of the bridge. One recently has cost the client an extra three weeks interest. It doesn’t sound much, but that £1,300 is now in the lenders pocket rather than the clients.
If the EPC is C then many lenders offer lower interest rates so less to pay each month, increased profits and cash-flow.
Don’t delay, EPC today.