Green house, so the mortgage to buy and renovate costs less: 4 examples – Corriere.it
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The expensive bills and the new regulations arriving with the EU directive on the energy performance of buildings are destined to clearly divide the residential market: on one side green houses, on the other energy-intensive houses. Inevitably, this division will also affect the mortgage market: the loans that will have green properties as collateral will be offered at much better conditions than the others. The reason is explained by Luca Bertalot, general secretary of the EMF (European Mortgage Federation): The rules on the coverage that banks must have in order to disburse loans will soon become more stringent.
Energy efficiency: higher value, cheaper mortgages
A green property already today, and even more so in the future, can be resold more easily without losing value: the more solid the guarantee, the lower the portion of the disbursement that will be reserved and consequently the lower the cost for the customer will be. In our simulations (on mutuionline data updated to 8 February 2023), for example, a 20-year green mortgage for a 300 thousand euro house can have a fixed rate between 3.66% (Bper) and 3.80% (Webank) and a variable between 2.81% (Ing) and 3.95% (Webank). For a 30-year loan, the green fixed rate could fluctuate between 3.50% (Bnl) and 3.74% (Ing), the variable between 3.05% (Ing) and 4% (Banco Bpm ).
Home values rise faster
A substantial portion of the business for the banks will come from mortgages and non-mortgages, aimed not so much at the purchase as at energy redevelopment. A leap of two classes means on an average house of 100 square meters in Italy to reduce energy costs by 70 and 80% and to increase the potential value of the property by an average of 12%. To obtain this result – continues Bertalot – investments of at least 25-30 thousand euros per house are needed. If we consider that the estimates for Italy are of interventions on over 28 million homes, a figure which rises to 220 million if we consider the EU scenario, it is evident in many cases the owners will not be able to cope with the expense nor will they be able to intervene in public coffers, with interventions such as the superbonus.
The incentives
Moreover, if we consider, we add, that the expenditure per apartment for which the superbonus was used(which has the improvement of two energy classes as its discriminating condition), much higher than 25-30 thousand euros: for villas it exceeds 100 thousand, for condominiums it is close to 600 thousand euros. It goes without saying that a less generous incentive of 110% would certainly bring down spending as well.
The green label
Emf gave birth to the Eeem Label, a label, obviously green, of loans aimed at energy efficiency. The purpose is to constitute a guarantee for customers and credit institutions. And also for investors: green mortgages will cost less also because funding will be guaranteed by low-rate ethical bonds. 33 euro area banks have already joined, 10 of which are Italian. Among the initiatives already implemented is the Green Bees – Building Energy Efficiency Simulator: a platform, managed for the Italian market by Crif, which makes it possible to evaluate, starting from the address of a building, the interventions necessary for energy redevelopment, with a estimate, intervention by intervention, of the costs and the return in terms of savings in the management and revaluation of the house. An interesting aspect that the system can identify the energy classification of the building, a figure which today, on the basis of the certificates issued, is only available for 16% of the real estate assets.
The amounts and discounts
Moving from the near future to the present, Alessio Santarelli, general manager of the MutuiOnline group, underlines how green mortgages already have peculiar characteristics compared to the rest of the market. Green loans are significantly higher in amount than standard ones: from our data updated in January it emerges that the request for an amount of over 174 thousand euros compared to less than 131 thousand of the average. The borrowers are younger, 37 years against 40, the average duration of 26 years against 24. Banks like green customers, which offer lower APRs of up to 30 cents.
The swing of requests
Until the third quarter of 2022, green mortgages came to touch 10% of requests and in the fourth period of the year there was a retreatalso because the increase in interest rates has prompted greater prudence in the purchase of homes which are in any case more expensive.Interest in loans aimed at energy requalification remains strong. They are products that allow savings of up to more than one point on the rate but for banks and financial companies they present one problem: the customer’s self-declared green purpose is not always easy to distinguish when the motivation is real or if it is a request for liquidity funds. In addition to not having the certainty of the double jump in energy class at the end of the works.
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