Halifax Intermediaries is introducing a range of enhancements to its products, processes, and policies to support customers and the transition to Net Zero.
With effect from 13th February, Halifax Intermediaries is introducing EPC capture for new homebuyer loans and remortgages.
Capturing EPC at the point of application will bring greater insight, allowing the lender to recognise and reward improved energy efficiency with more products, services and policies that support borrowers to make greener home loan decisions.
Amanda Bryden, head of Halifax Intermediaries and Scottish Widows Bank, said: “The Government’s goal of achieving net zero by 2050 is getting closer, and a significant part of achieving that is reducing the carbon emissions from the UK’s housing stock.
“We want to help people who make energy efficient buying and improvement choices; expanding our Green Mortgage range helps do that.
Collecting EPC information for each home we lend on will help us develop more and better products, policies, and practices in the future, to help borrowers make greener decisions and play their part in cutting the UK’s carbon emissions.”
What’s more, the EPC Capture process for brokers is simple, linking directly to the Government database, and creates a terrific opportunity for brokers to discuss homes’ energy efficiency with their customers, early in the home buying journey.
Together with Halifax Intermediaries’ Home Energy Saving Tool, EPC Capture will help brokers help their clients understand how they can futureproof their home with energy efficient improvements and how to fund them.
On the same day, Halifax Intermediaries is expanding its Green Mortgage range.
As well as offering cashback to homebuyers choosing the most energy efficient homes, Halifax Intermediaries will now offer this to remortgage customers.
For the first time, from 13 February, borrowers looking to buy or remortgage an A or B EPC rated home can qualify for £250 cashback – rewarding those in the most energy efficient homes.
The Green Mortgage cashback offer for homebuyers and remortgage customers is also being offered through direct mortgage channels for Halifax and Lloyds Bank.
Broker feedback has indicated a growing need for a more tailored approach to affordability to support the borrowing of a wider range of homebuyers.
In response, Halifax Intermediaries is introducing changes to its affordability model for specific criteria that will offer some more financially resilient customers greater lending.
This targeted enhancement ensures responsible lending while increasing the maximum amount available to customers who are borrowing at a maximum loan-to-value (LTV) of 75%, on a fixed term product of five years or more, or are remortgaging to the lender without taking on additional borrowing.
This could see the maximum lending amount increase by up to 9%, or around £25,000 on an average application.
Bryden added: “We are listening; and we understand that, in some cases, brokers would like us to take a more flexible approach to affordability.
“Our new enhanced affordability model addresses this and continues to ensure we only lend responsibly to those we believe can afford it both now, and in the future.”
