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Energy Performance Certificate

I have seen the term EPC a lot in my hunt for my first home. What does this mean and is it important?

Issy Yorke

FTB says: EPC is an abbreviation for an Energy Performance Certificate and this gives your home a rating to show how energy efficient it is. When somebody is selling a property, they must make sure that the EPC is available for potential buyers to see. It is something you will want to make sure you look at, as it could influence your decision on buying a property as less energy-efficient homes are going to cost you more in the long term. An EPC also gives a list of recommended energy-saving home improvements tailored to a particular property to help boost its rating. Again, this is worth looking at as small changes could make a big impact.

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Green Mortgages

I am very keen to buy my first home and I have been looking into all the various mortgages that are available. What is a green mortgage and are they worth looking into?

Leila James

FTB says: A green mortgage is a new, profitable incentivebased mortgage that encourages homeowners to consider the environmental impact of their home. With the UK now making big moves towards its net zero goal, now could be a good time to benefit from such a scheme. To put it simply, a lender will offer preferential rates to potential buyers who can prove that the property they are wanting to buy meets certain environmental standards. In the majority of cases, this will result in cheaper interest rates or cash back incentives to buy energy efficient properties. A lender could even increase the loan amount, which could be very beneficial. To be eligible, a property cannot have an EPC rating below an A or B. With not many people currently taking advantage of such schemes, now is definitely the time to get involved if the property you are looking at meets the criteria needed.

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Rent A Room Scheme

I have just bought my first flat in London but I am worried that my mortgage payments are going to increase to a point where I’m going to struggle to afford them as I am on a variable rate. Is there anything I can do to gain more income through my own home?

Eloise Stewart

FTB says: A scheme that is becoming ever more popular is the Rent a Room Scheme that can generate some more money that can be put towards your mortgage payments. This is a Government initiative that lets you earn up to £7,500 per year tax free for letting out furnished accommodation within your own home. If you were to use the entire allowance, you could bring in an extra £625 a month. Obviously, the downside to this is that you will be sharing your home with someone else, but if you have a friend or perhaps a sibling that is in need of somewhere to live then this set-up could work very nicely to solve your mortgage money worries. Just keep in mind that you will need your mortgage lender’s permission in advance to do this.

Buying With A Partner

My partner and I are looking at buying a property together. Could you outline the pros and cons of this so that we can see if this is the best decision for us.

Jessica Crossman

FTB says: It is common for couples to jump into buying a property together without talking about what the implications are if they were to break up. Putting two salaries together is an attractive idea as it means that you can borrow more money and look at more expensive properties. You really need to sit down and have a proper discussion about it though. If you can both afford to put in 50-50 and you’re happy with that then everything is equal regardless of what happens. Commonly, though, this isn’t the case, with one party putting in more than the other. In this case, a “tenants in common” agreement is better suited as you can work out what proportion of the property you both own based on what you put in, so it is fair if anything happens down the line. A solicitor can draw up the documents.

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