Advisers can do more when it comes to conversations around EPC: MAB

64% of people don’t know their home’s EPC rating, but only 12% said they had talked about their EPC with a mortgage adviser, according to new research from Mortgage Advice Bureau.

For those that did know their EPC rating, 27% said this was because they were interested in making changes to improve it, while a third said they were inclined to make changes as they had seen the effect raising their EPC had on their friends or families’ bills. However, amongst the majority, there remains a lack of knowledge about EPC ratings or how they can get information on it.

Only 1 in 10 respondents had spoken with an adviser about their EPC, and two-thirds of homeowners had no idea of the government’s target for properties to have a minimum of a grade C EPC rating by 2035, or the shorter deadline of 2025 for private rental accommodation.

For others who aren’t in the buy-to-let market, upgraded EPC ratings can also mean more than just reduced energy bills. MAB's analysis from 2022 showed that over half of lenders said they were offering green mortgage products compared to just a third at the same time last year, and 98% of those asked said they will offer them in the future if they don’t already.

Ben Thompson, deputy CEO of Mortgage Advice Bureau, said: “During this energy-saving week, it would be great if advisers could take the initiative and discuss EPC ratings with their clients. The government’s deadline of 2025 for private rental accommodation to be a minimum of grade C is fast approaching, and landlords will need to act soon with regard to retrofitting older properties. However, there remains a lack of knowledge about this deadline or the benefits - asides from reduced energy bills - that come with higher EPC ratings.

“When people think about upgrading their EPC rating, many will think of the impact it will have on their energy bill and the climate. However, it can also make you eligible for green mortgage deals that often come with incentives such as lower interest rates. Retrofitting and upgrading your property’s EPC can also increase the value of your home, as homeowners strive to be more energy efficient.”