Brits plan to spend £13bn on home green improvements
January 17, 2008 by admin
Filed under News, News-Mortgages
Homeowners in Britain are planning to spend £13 billion on improvements to their properties claims new research. 
The findings from the Co-operative Bank have shown that a number of consumers have already begun to instigate general ‘green’ changes.
Up to 66 per cent of people are recycling, 60 per cent have switched to energy saving light bulbs and another 40 per cent have installed loft and cavity wall insulation.
John Barker, head of mortgages at the Co-operative Bank said: “This research clearly shows that people are really starting to sit up and take notice of green issues in relation to their homes.”
“Houses are one of the largest sources of carbon dioxide emissions in the UK and taking steps to improve the environmental impact of homes is something that we strongly believe should be encouraged,” he added.
According to the research the ‘greenest’ region is Wales, where 75 per cent of people have taken steps to make their homes greener over the past year.
In last November the Co-operative Bank launched a mortgage package for those customers looking to reduce their carbon footprint.
‘Whole range’ of green mortgage options
October 23, 2007 by admin
Filed under News, News-Mortgages
Borrowers have been advised that there are many approaches to finding a “green” mortgage.
The Co-operative Bank has said the there is no specific framework for a green mortgage, but that options vary from lender to lender.
A spokesperson for the bank said: “As part of the Co-operative Bank’s established ethical policy, we are committed to tackling climate change and [are] supportive of government efforts to increase awareness of energy efficiency.”
She added that the company makes a “contribution” to a climate change action organisation Climate Care, for each mortgage taken out with them. This is then put towards worldwide carbon-cutting measures.
The Council of Mortgage Lenders explains that it is down to individual lenders whether or not they offer green products.
Some offers include benefits for those borrowing to invest in energy efficiency or for an energy efficient home. Others are carbon offsetting their “mortgage footprint” by donating to the Carbon Trust or planting trees.
Homebuyers told beware hidden costs
June 14, 2007 by admin
Filed under News, News-Mortgages
The average British household will spend an additional £23,800 in hidden costs when moving home.
Research by the Co-operative Bank shows that we fork out this amount during our lifetime while moving and few of us have a contingency plan in place to do so.
The figure is greater than the average salary in the UK and Co-op warns that those moving home should be prepared for the additional costs.
Only 56 per cent of those asked said that they had a fund in place to meet these costs, while 15 per cent sink further into debt by taking out a loan to cover the expenditure.
The hidden costs include solicitors’ fees, stamp duty, removal costs and estate agents fees and Co-op is concerned that many buyers are getting into financial trouble by not being properly prepared.
“As house prices have continued to increase it is important for people to look at the bigger picture in terms of costs,” said John Barker, head of mortgages at the bank.
“Hidden costs that are not budgeted for can soon mount up and by having a contingency fund in place it will enable people to be fully prepared for any eventuality.”
The study also found that Brits are happy to sacrifice a number of things in order to get onto the property ladder.
Around 28 per cent said that they do not go on holiday so that they can afford a house, 21 per cent give up eating out and 18 per cent do not buy new clothes.
Mortgage aimed at FTBs
March 28, 2007 by admin
Filed under News, News-Mortgages
As first-time buyers (FTBs) struggle to get onto the property ladder a number of lenders are now releasing mortgages aimed specifically at them.
Earlier this month Nationwide announced that it had a fixed-rate 25-year mortgage to offer and now the Co-operative Bank is throwing its hat into the ring.
The firm is offering FTBs a mortgage which is designed to make the first steps onto the property ladder a little bit easier.
It comes with one per cent cashback, which will be helpful in covering stamp duty and any other costs that FTBs may incur.
In addition, the mortgage has a fixed rate of 6.29 per cent for five years and a free basic valuation.
Research by Co-operative Bank shows that many FTBs are still finding it extremely difficult to get onto the property ladder with cost being the main factor.
It is in response to this that the bank has chosen to release its latest mortgage.
“As house prices have continued to rise it is important that the lifeblood of the market – first time buyers – are given extra help to gain that all important first footing on the ladder,” said John Barker, head of mortgages at Co-operative Bank.
“At the Co-operative Bank we believe that new innovative mortgage products such as this should be developed to help alleviate some of the extra worry for first time buyers.”
FTBs are urged to make sure that they are completely aware of all costs before they enter into a mortgage agreement.
