IMLA response to 'Improving home energy performance through lenders' consultation

The Intermediary Mortgage Lenders Association (IMLA) has issued a response to the Department for Business, Energy and Industrial Strategy’s (BEIS) ‘Improving home energy performance through lenders consultation, which closed on 12th February. IMLA accepts that lenders have a pivotal role to play in tackling climate change and recognises the increasing number of green mortgages on the market. However, they are concerned that reporting on the average EPC rating of all properties they lend against is a potential waste of time and resources for the lender. Wanting them instead to be able to devote this time to helping homeowners to make improvements to their property, IMLA’s executive director Kate Davies said “…these latest proposals from BEIS are highly unlikely to bring about real change. Rather, they would oblige lenders to devote way too much time compiling and disclosing data in an exercise which – at the end of the day – won’t change a single low-energy lightbulb.”. Read the IMLA article here.