16 Jan 2008 05:01:27
Green mortgages on the rise
A growing number of ethically-minded British consumers are opting for an environmentally friendly "green" mortgage, according to one of the country's fastest growing ethical building societies.
Ecology Building Society, a provider of green variable rate mortgages and accounts, noted that it had its best year to date in 2007, doubling its gross lending compared to 2006.
According to Mortgages.co.uk, green mortgages and loans aim to reduce the negative impact that society has on the environment.
Some will make contributions to environmental charities based on the usage of their financial products, while other lenders will only finance houses that are more ecologically considerate or deal with environmentally-conscious companies.
Jenny Irwin, marketing manager for Ecology Building Society, noted: "Our record year in 2007 just goes to prove that more and more people are taking out green mortgages. Based on our recent performance I would say the market for truly green mortgages is growing."
Currently, there are three main lenders offering green mortgages, namely The Co-Operative Bank, The Norwich & Peterborough Building Society and The Ecology Building Society.