There’s been plenty in the press over the past couple of weeks about the mass exodus of landlords from the buy-to-let sector, with thousands of investors looking to sell their properties in light of impacts following Section 24 changes.
Whilst a blow to the PRS, this could be great news for first time buyer, a more affordable homes flood the market. And it seems that new legislation is on their side too.
First time buyers in Wales will soon be given an additional boost thanks to some pioneering new research into the Help-to-Buy loan scheme.
From next month, all Welsh Help-to-Buy loans will be adjusted according to the energy rating of the home being purchased, having been worked out using the EPC. Great news for the buyer if the home had previously been rented accommodation, and the landlord had complied with the new MEES legislation!
Buyers purchasing more energy efficient homes will be offered a larger load, in anticipation of smaller energy bills. This has been implemented following research published last year, showing that lower household energy costs could significantly improve mortgage affordability, potentially allowing homeowners to access a larger initial loan.
A calculator is available here with new calculations coming into force in Wales next month.
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