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EXPERT ADVICE EXPERT ADVICE

How to let your property in a sustainable way How to prepare for a mortgage application

Nicky Lloyd, Head of ESPC Lettings, shares top tips on ways to boost your Getting ready to apply for a mortgage? David Lauder, Mortgage Advisor at
let’s eco credentials. ESPC Mortgages, shares everything you need to know about the process.

you and the seller are now legally obliged to
he concept of sustainability in our attractive to tenants, or to future buyers when You’ll need the following transfer ownership of the property.
homes has become increasingly popular, it’s time to sell. documents for your application:
Tand this of course extends to rental
properties. Landlords will no doubt be aware Recycling • Proof of ID (e.g. passport). A few days before your date of entry, your
of the Scottish Government’s 2028 target, to Provide tenants with guidance that solicitor will ask you to transfer your deposit.
ensure privately let properties meet the new aligns with the local council, including • Proof of address dated within three They’ll also receive the mortgage funds from
the lender, with the full amount being paid to
standards of energy efficiency, and while that which items can be recycled, and where months, e.g. utility bill or bank statement. the selling solicitor on the agreed purchase date.
seems like a long time away right now, it’s recycling bins can be found. You can also take • P60.
better to be prepared.
responsibility by contacting the council and • Last three months’ payslips. Your mortgage lender will usually write to
ensuring that recycling bins are available for you within 10-14 days of entry, to confirm
If you’re not sure where to start, here are your tenants to use. • Last three months’ bank statements of
a few ways you can make a difference to the account that your salary is paid into. the amount and date of your first mortgage
your property, to your tenants, and to the Eco-Friendly Materials • Proof of your deposit, showing where payment. Remember, the first month’s
environment. payment will usually be higher than your
If you’re renovating, try eco-friendly the funds have come from. regular monthly amount, based on your date
materials where you can, such as of entry.
Energy-Efficient Upgrades
sustainable flooring like bamboo or cork, or low
Invest in energy efficient technologies, VOC paints, adhesives and sealants to improve What happens next? Important things to remember
such as smart meters, energy-efficient air quality. Once you have decided on a mortgage, you can Ensuring Buildings Insurance is in place from
appliances, and LED lighting.
submit your full application with your chosen day one of your homeownership is a condition
Consider using preloved items in your property, provider, where it will take up to three weeks to of your mortgage offer. Avoid looking for
In chilly Edinburgh, where many properties which benefits the environment, but also complete. During this time, the lender will carry out quotes online until your mortgage is offered, as
are single-glazed, secondary glazing can be costs less than buying new – just make sure
effective in maintaining warmth, and boosting everything meets legal standards and that various checks, verify supporting documentation it may affect your credit rating.
and confirm the surveyor’s valuation of the
insulation is always a good idea. You can invest you’d be happy to use it yourself. property you’re planning to purchase.
in thick, quality curtains or blinds in furnished Applying for any new loans, finance or credit
properties, to help your tenants keep energy cards is not recommended until your mortgage
bills low. Water Conservation When your mortgage has been approved and completes. This can affect your credit rating
Install low-flow faucets, showerheads, the offer issued, you and your solicitor will and lower your eligibility, as lenders see it as
Installing renewable energy sources, like and toilets to reduce water usage receive copies of the offer. Your solicitor can a commitment, and will factor this into how
solar panels or even small wind turbines, can without compromising on performance. then conclude the missives, meaning that much you can borrow.
be hugely effective – and potentially even
generate income through incentives. While If your property has a garden, add drought-
your initial outlay will be higher, this type resistant plants, or a rainwater harvesting
of upgrade can mean savings in the longer system to irrigate gardens or flush the toilet – ESPC Mortgages can help with all aspects of understanding your budget, applying for a mortgage and dealing with the
relevant insurance requirements. You can contact the ESPC Mortgages team on 0131 253 2920.
term, as well as making your property more there must be an upside to all the rain we get!

The information contained in this article is provided in good faith. Whilst The initial consultation with an ESPC Mortgages adviser is free and
every care has been taken in the preparation of the information, no without obligation. Thereafter, ESPC Mortgages’ charges for mortgage
responsibility is accepted for any errors which, despite our precautions, advice are usually £395 (£345 for first-time buyers). YOUR HOME MAY
ESPC Lettings is an Edinburgh letting agent. We can help with marketing your rental property and finding the right tenants. it may contain. BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A
Visit espc.com/lettings or call the team on 0131 253 2847 MORTGAGE OR OTHER LOANS SECURED AGAINST IT.
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