17 Jan

Green mortgages still a niche product

Green mortgages still a niche product

Green mortgages will remain a "very much a niche product" this year, according to Norwich and Peterborough Building Society.

Allison Rolls of the building society said that the growth rate for the products has been slow and this will remain the case as buyers look for low rates as a priority.

Green mortgages, which are also sometimes referred to as sustainable or ethical mortgages, have been on the market for around a decade.

However, Ms Rolls said take-up had been "much slower to grow than would be good for the environment."

"It would be nice to think that they put the environment more on their shopping list, but at the moment it's a fact that it's all about rates and less about ethics," she said.

According to Mortgages.co.uk, the Co-operative Bank, Norwich and Peterborough Building Society and Ecology Building Society all offer green mortgage products.

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