Green Homes Grant Scheme Extended

Good news for landlords looking to improve their buy to let’s EPC rating: you’ve got longer to apply for the vouchers and get the works completed. Find out the new deadline and why landlords should be seriously considering this offering.

Announced in July as part of the Government’s COVID economic recovery measures, the Green Homes Grant is designed to give financial assistance to property owners in England making energy-efficient improvements and stimulate business for contractors completing the works. Property owners can apply for up to two-thirds of the costs of specific energy-saving measures, up to a limit of £5,000.

Available to both homeowners and landlords, applications for the scheme opened on 30th September 2020. Initially, you had just six months to apply for vouchers and get the works completed to be eligible. However, in an announcement last month, the Government confirmed it would be extending the deadline until 31st March 2022.

It’s believed that the on-going restrictions due to the pandemic have delayed works, meaning that the original March 2021 deadline was not going to be achievable for many. This extension will come as good news for buy to let landlords as many of the included improvements will help to raise EPC ratings. As it looks increasingly likely that the minimum rating for buy to let properties will be increased from D to C in 2025, many investors will be starting to think about how to achieve this in their existing properties.

As predicted, there have been high volumes of applications for this scheme, and there are some reports that the process is relatively slow. Therefore, if you’re planning to apply for the vouchers and get certified tradespeople booked in, we would recommend you start the process sooner rather than later, despite the extension.

To find out more about which energy-savings works are included in the Green Homes Grant Scheme, you can read our previous blog, here.

If you are looking to make energy improvements to your property that aren’t covered by the scheme, our buy to let team can help you source short-term finance to help with the costs. Give them a call on 0345 345 6788 or email enquiry@mortgagesforbusiness.co.uk

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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