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Green mortgage market gains strength

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by Gill Montia

The Ecology Building Society has reported strong growth in green mortgages, with lending in 2007 double that of 2006.

Jenny Irwin, marketing manager for the lender, points out that there is no premium on such loans and that the rates offered by the building society were among the lowest ten recorded in a Moneyfacts.co.uk survey in November of last year.

Green mortgages, also known as ethical or sustainable mortgages, are based on a commitment by the lender not to invest capital in companies which damage the environment.

The lenders that offer this type of package also often make contributions to charities that support the environment and some will only finance houses that are seen to be environmentally sound.

Ecology was established in 1981 and is one of the fastest growing building societies in the UK.

It currently has over 10,000 open accounts and assets exceeding £60 million.

Co-operative Bank, Hanley Economic Building Society, Teachers Building Society and the Norwich & Peterborough Building Society also offer green mortgage products.

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News posted: January 17, 2008

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