In the motion, a group of seven Labour and Liberal Democrat MPs lament that just three mortgage providers out of more than 100 have embraced environmental products. It therefore “calls on all mortgage providers to heed the request of the All Party Parliamentary Climate Change Group and Department of Communities and Local Government to offer such products forthwith”.
The APPCC was formed in June 2005 and its chairman Colin Challen is one of the Labour MPs that brought the motion. At present, only Norwich and Peterborough, Ecology and Cooperative Bank offer green mortgage deals.
However, UCB Home Loans last week revealed that it is looking at launching environmentally-friendly mortgages.
Following the launch of its campaign to raise consumer and industry awareness on green issues, the Nationwide subsidiary confirmed it is in talks with a number of environmental organisations and charities regarding joint initiatives and a green product proposition could be on the cards.
Keith Astill, managing director at UCB, says: “We are already active on the environmental front but the launch of our green programme will see us expanding this to include more external activity.”
He also urges lenders to take action on climate change, and home owners to control their carbon footprints. Astill says: “Our immediate activity is focussed on forging links with the UK’s prime movers on action to combat global warming, stepping up our internal action programme when it comes to environmental issues and instituting an awareness programme among consumers and brokers in the mortgage industry.”
He adds: “We will be looking at the possibility of product initiatives later in the year to support our programme.”