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European banks trial new green mortgages

Europe is leading the way with a trial of green mortgages, which could bring savings for those with the most energy efficient homes.

Bloomberg reports that 39 European banks will be testing the new green mortgages for borrowers whose homes meet a set of energy efficiency standards.

The standards themselves have been agreed by the World Green Building Council and have been supported by companies including French bank BNP Paribas SA and German utility EON AG.

During the tests, banks will consider offering discounted green mortgages to customers willing to put money into energy efficiency measures.

Coreco Group brand marketing and communications director Andrew Montlake says that he would want to see real incentives for green mortgages in the UK market.

“I would like to think this would work here; anything that helps promote green issues and a better environment and building more energy efficient houses is a good thing,” he says.

“I would hope lenders get behind this type of initiative that offers slightly cheaper mortgages to those who have more energy efficient homes.

“As long as it does offer a proper incentive to borrowers though, not just a few hundred quid off the arrangement fee but making a rate cheaper for example, or potentially of a range of products with the cheapest available being for energy efficient homes.”

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