Green mortgages not taking off
Posted by Sinks on 27th Jun 2017
While household waste management and energy use are becoming key issues for DIY home improvements, homebuyers are not taking full advantage of green mortage packages.The Norwich and Peterborough Building Society indicated that growth for the product was slow, suggesting that most homeowners wait until after the purchase to commit to saving energy and eliminating waste in the kitchen and elsewhere.A green mortgage package typically involves lending for a house that satisfies environmental requirements, with questions of energy efficiency and waste disposal facilities taken into account, while lenders are sometimes committed to schemes for donating to environmental causes.Alison Rolls, a spokesperson for Norwich and Peterborough Building Society, said Id like to think that the market will grow and grow. Its not growing in order of priority for home buyers as much as I would like to see it. For second and third home buyers it would be nice to think that they put the environment more on their shopping list, but at the moment its a fact that its all about rates and less about ethics.Another supplier of the product, the Ecology Building Society, meanwhile claimed that its own green mortgage packages especially those with standard variable rates had grown considerably over the past year, suggesting a more positive horizon for ethical home investment.