'Restrict mortgages' on inefficient homes
People looking to buy a property which is not energy efficient enough to help the UK reach its carbon emissions reduction commitment should not be able to obtain a mortgage unless they carry out green improvements, it has been suggested.
Andrew Leech, director at the National Home Improvement Council, said such suggestions may be just around the corner for property buyers.
"You possibly won't get a mortgage unless you are planning to increase the efficiency of the house by [around] another 50 per cent," he added.
Mr Leech explained this would also have a detrimental effect on the seller, who would find it difficult to get rid of their property as buyers would be unable to secure a mortgage with which to purchase it.
Should such proposals become a reality, Britons may find it is far more affordable to choose flats to rent in Kensington or another part of London, where they will not have to secure a mortgage or fork out for costly home improvements.
And tenants can still urge their landlords to make their own homes more energy efficiency, by encouraging them to apply for the government's current boiler scrappage scheme.
Written by Charles Mackay
Published 26th February, 2010
© 2010 Estates IT Limited
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An expert has called for mortgage lending to be restricted on homes which are not energy efficient, which could see more people choosing property to rent in London.