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Don’t miss the green boat

The Building Societies Association has warned that len-ders must jump on the green mortgage bandwagon now if they want to cash in on the predicted boom in eco-friendly housing.

Research from Penrose Financial last week revealed that 58% of mortgage brokers believe environmental concerns provide marketing opportunities for lenders. Despite this, only 19% of intermediaries are aware of any lenders that offer green mortgages.

Only a handful of lenders have so far developed environmentally-friendly mortgages. These include The Co-operative Bank, Norwich and Peter- borough and Ecology.

Neil Johnson, policy manager for the BSA, says: “As time goes on lenders need to have enough information so that green homes can become the norm. For lenders, mortgages are all about risk. They need to know the properties they are lending on are secure, and any new or unusual building techniques are bound to be regarded with a cautious eye.

“Eco-friendly homes are a slow burner but they will be taken increasingly seriously as the government reveals its plans. But the industry must make sure it follows developments carefully so it can keep up and cash in.”

Allison Rolls, head of communications at N&P, says: “It’s about time the industry woke up to the fact that houses burn more carbon than cars. We sell homes so we have a responsibility to ensure they are good for the environment.

“Green homes are cheaper to build and will be more valuable in the future so this is a money-spinner for all.”

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