How to bring Yorkshire homeowners on net zero journey: Martese Carton

Many homeowners know there’s a need for change but are unsure how to get there. Others may not realise the role they will need to play, or the options out there.

But there’s one thing for certain - to get to net zero we all need to work together.

The UK has got the oldest housing stock in Europe with around one in five homes failing to meet the Government’s definition of a ‘decent home’, and because of this, the government has proposed key deadlines for, initially landlords, but eventually all homeowners, to bring their properties up to minimum standards of energy efficiency.

Increasingly, consumers are becoming aware of the need to decarbonise their homes and are constantly looking for products that support this approach so there’s real scope for lenders to widen the choices available.

Here at Leeds Building Society, we want to ensure we are responding to the needs of our members.

Being able to demonstrate our purpose and principles by making a direct link between our products and our actions is very important to us.

We were the first UK lender to offer a carbon neutral mortgage.

In 2021, the Society introduced green mortgage deals offering preferential rates and cashback deals for the most energy-efficient homes, and last year we offered enhanced affordability for mortgages on the most energy-efficient new homes, enabling customers to borrow more than on an equivalent, less energy efficient property.

Crucially, as well as being the right thing to do for the planet, ensuring homes are as energy efficient as possible also makes financial sense for homeowners, and we’re continuing to look at more ways to further support our members.

The government wants homes in England and Wales to reach a minimum Energy Performance Certificate (EPC) level of ‘C’.

At present, in England just over 40 per cent of assessed homes currently reach a C rating or above.

It’s no surprise therefore that against a back-drop of political uncertainty, rising energy prices and soaring interest rate increases means there has been little incentive for landlords to kick-start the retrofit revolution.

Whilst around 85 per cent of the public believe that climate change is an important issue, only 35 per cent have adopted, or are planning to adopt, energy efficiency measures anytime soon.

There is no doubt that the costs of meeting the Government’s net zero targets are enormous.

According to the excellent ‘Net Zero Homes Report’, published last year by UK Finance, it is estimated that it will cost UK homes approaching £300 billion to reach the required EPC ratings.

What is certain however, is that this is an issue that demands all our focus. Working together is the best route to achieving lasting and meaningful change.

Martese Carton is Director of Mortgage Distribution at Leeds Building Society