LENDERS launch event
The UK Green Building Council has been working with mortgage lenders, building industry experts and sustainability bodies on the LENDERS project which is seeking to create a stronger link between energy costs, affordability and mortgage borrowing.
Funded by Innovate UK, the LENDERS project set out to improve the accuracy of predictions used to estimate household energy costs when calculating mortgage affordability. On Tuesday 18 July, the final project report will be launched at Westminster Central Hall. The project partners will present the findings, and discuss the potential impacts and opportunities for implementing the new approach.
The project is seeking to create a stronger link between energy costs, affordability and mortgage borrowing and has been undertaken by a consortium of eight partners – Arup, BRE, Constructing Excellence Wales, the Energy Saving Trust, Nationwide Building Society, Principality Building Society, UCL Energy Institute and the UK Green Building Council.
Over the past 18 months, the project partners have been developing a more accurate methodology for estimating energy bills which can be readily incorporated into the mortgage sales process. If this approach is adopted, it could have a transformative impact on the housing and energy efficiency markets by making energy performance a fundamental part of mortgage lending. Over time, it could lead to a much closer relationship between properties’ energy efficiency and their value.
UK-GBC will also be hosting the report launch for the Regeneration and Retrofit Task Group at the same venue following this event. Please click here for further details.