Issue with New build PEA for green mortgage

cool_dude1

Hello all,

I am buying a new build property, we are close to exchanging but we are having an issue with our mortgage. We are applying for a green mortgage as the properties predicted energy assessment (PEA) is 81, meeting the requirements. Having a green mortgage reduces our interest rate.

The issue we are having is that the new build developers have given us a PEA with an incomplete address on (just the plot number and half a postcode) and the bank does not count the PEA as meeting their requirements as it has an incomplete address on it.

We have asked the new build developers to amend the document but they point blank refuse to do so. The bank have offered us a mortgage but since we have not yet fully met its conditions I worry what will happen if we do exchange and they refuse to give us our mortgage at completion.

Has anyone else experienced this issue or am I just very unfortunate? Does anyone have any advice?

Kind regards

kingstreet

Typically, this is circumvented by providing the lender with a copy of the reservation with the PEA as this ties the two together. We've done this with Barclays, Halifax and one or two others in the last few years.

ComicGeek

Usually the full address isn't yet known when the PEA is produced, and it's normal for the plot number to be shown instead. It would be possible for the assessor to reproduce the PEA with the full address, but they will want to be paid for that - probably why the developer can't be bothered to organise it.

However, the final EPC rating can very often change slightly from the PEA - 81 is right on the B/C boundary, and a small difference in the final score could affect this. Does the bank need to see the final EPC on completion? That would be a risk if the developer isn't being contractually obligated to achieve the B-81 rating.