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Green mortgage sales to remain ’static’ in the wake of the credit crunch

March 14, 2008 by admin  
Filed under News, News-Mortgages

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It is unlikely that lenders will begin to offer green mortgage products in the near future following the effects of the , one financial expert has claimed.

Moneyfacts said that there has been no big change in the number of lenders offering the products over the past four or five months.

However, Darren Cook, head of mortgages for Moneyfacts, said that there is still a demand for the products in the marketplace.

“But the lenders that are in [that market] are generally motivated by social responsibility; it’s due to their company ethics that they supply these products,” he said.

Because of this the firm say that lenders who are already dealing in this sector will have a tendency to stay.

At present only five lenders offer green mortgage products: the Co-operative Bank, Ecology Building Society, Norwich and Peterborough, Giraffe and The Hanley Economic Building Society.

The criteria of these products range from planting 40 trees for every green mortgage taken out to donations to carbon offsetting charities.

Tags: Co-operative, The Co-operative Bank, tendency, Norwich and Peterborough Building Society, credit crunch, big change, Darren Cook, charities

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