Death of the Boiler Grant for Tenants Sees Rise in Landlord Boiler Finance

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The ever illusive and in flux boiler grant (ECO) scheme, a marmite creation of the Government and Big Six energy companies to both offset UK carbon emissions and help those deemed to be living in fuel poverty has long been a thorn in the side of anyone cursed with common sense.

Running since 2013, the Energy Company Obligation has certainly benefited hundreds of thousands and as, certainly helped to reduce carbon emissions by replacing old and faulty gas boilers with newer, condensing high efficiency models.

The ever changing qualification factors however, both in terms of individuals who qualify for the scheme through personal circumstances and property types, continues to frustrate.

According to BoilerGrants.org.uk, private tenants and by extension landlords, haven’t been able to quality for any boiler funding for over 18 months since changes to the boiler grant scheme.

Whilst some basic logic on this decision can be seen (landlords should in theory have this covered for their tenants), it neglects the fact that huge numbers of the aforementioned ‘fuel poor’ are of course living in rented accommodation. It also presumes and paints a picture that all landlords are cash rich, soulless tyrants impervious to declines in economy.

What if, for instance, there was to be a global pandemic decimating a countries economy and that particular pandemic was handled like an eel in buttered fingers by a Government with the resolute, unwavering commitment of Scooby Doo’s Shaggy? …What if?

Boiler Finance Options

Having accepted the ambiguity of Government plans to further combat these issues and no signs on the horizon of tenants being able to quality again on the much anticipated third sequel to the scheme, ECO4 – boiler finance plans have become ever popular with landlords.

According to Heatable.co.uk, a digital boiler installation platform operating UK wide – they’ve seen a sharp rise in boiler finance options as the preferred payment method for UK landlords, with 0% interest over a 2-year plan being far and away the most popular.

With boiler finance being commonplace and as simple as any other online transaction, it’s little wonder that payment spreading of an out of the blue grudge purchase like a new boiler is so popular.

An additional perk?

With the average cost of a boiler installation being over £2,000 – not having to outlay that in one lump sum is the main win here, but there’s protection too. After all, mortgageable.co.uk claim that a broken boiler can be one of the most stressful landlord problems, particularly those new to buy to lets.

Much like when using a credit card, the lender or bank facilitating the boiler finance loan provides an additional layer of consumer security and a peace of mind you’ll likely not find through traditional heating companies.

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Sam Rigby, CSO at Heatable says:

“The post Covid climate has left homeowners and landlords alike with financial hardships they could have never accounted for. Moreover, the number of unfortunate Brits now short of, or entirely out of work at present that are currently accommodated in private rentals is of course having a knock-on effect to landlords.

A Government U-turn that would see private tenants qualify again for entire boiler grants or contributary funding seems less likely than a smooth Brexit transition right now, but never say never.

It means that finance plans for new boiler installations, particularly interest free agreements are of huge benefit, if not imperative to many homeowners and landlords at present. At Heatable, we’ve worked well with lenders to offer an incredibly easy Point of Sale route to finance through our digital platform, in addition to the ease of which we’ve allowed and helped landlords to purchase and arrange new boiler installations.“

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