14 Mar

Green mortgage market 'may remain static'

Green mortgage market 'may remain static'

As a result of the credit crunch, the market for green mortgages may not grow significantly in the near future, it has been claimed.

Darren Cook, head of mortgages for Moneyfacts, said that although "there is an interest in the marketplace" for environmentally responsible financial products, lenders that provide them usually do so as a result of their company ethics.

He explained that in the current mortgage climate, the emphasis is on "the underwriting and having a healthy lending book", which may mean that lenders are not specifically looking to add more green mortgage products.

Currently, five lenders offer green mortgages - the Co-operative Bank, Ecology Building Society, Norwich and Peterborough, Giraffe and the Hanley Economic Building Society.

Some of the eco-friendly benefits offered by these products include planting trees, donating to carbon offsetting charities and helping homeowners reduce the environmental impact of their homes.
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