Ecology’s green lending doubles

Ecology has reported its green mortgage lending doubled in 2007 compared to 2006.

The building society’s full year results show its gross lending for 2007 was £15m, compared to £7.7m in 2006.

Its net lending increased from £3.3m in 2006 to £9.7m last year. This resulted in mortgage asset growth of 17.1%.

Ecology’s ethical savings balances also grew in 2007 with a 10.1% increase on 2006, which took the total savings balance to £69.4m, perhaps indicative of the concerns of savers in the UK, keen to find an ethical and secure provider of deposit accounts and cash ISAs.

Ecology specialises in lending on properties that benefit the environment.

It will only lend on new or existing eco-homes including self-builds, energy-saving properties or existing homes that require renovation or conversion, which Ecology sees as a form of recycling.

Paul Ellis, chief executive of Ecology, says: “We have had an exceptional year – lending is up, inflow is up and profits are up.

“Not only are we doing well financially, but the ecological quality of our lending continues to be strong. We will be announcing a new suite of discounts to support buyers of accredited sustainable homes very shortly, which will offer borrowers significant rate savings for the life of their mortgage on the whole of their mortgage.”

Ellis adds: “This will only help support and increase our plans for sustained growth in 2008 and seeks to acknowledge the progress being made in accrediting well built, energy efficient new homes and to reward buyers when making an informed choice.”