Mirror - Halifax making big change to mortgages this week - what it means for you

Aaron Strutt Image

Halifax will be making a huge change to how it works out mortgage affordability this week.

From Tuesday, December 10 the high street lender will start using a property’s Energy Performance Certificate (EPC) rating in its mortgage affordability calculations. Even though Halifax already incorporates cost of living information into its affordability model, the change will "better reflect" the impact of home energy costs on disposable income.

Trinity Financial product and communications director Aaron Strutt commented: “This is a big move from Halifax that other lenders may well follow. It will cost an absolute fortune to make many properties more energy efficient but there are more options to help secure funding to carry out work.

“Adjusting the mortgage loan size is a new ploy that will force many borrowers to improve their property. Some lenders already insist homes have an A or B rating to access the cheapest deals, but they don’t reduce the amount they can borrow.”

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