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Eco-friendly mortgages still "niche product"
Wed 16 Jan 2008 5pm
The demand for green products on the UK mortgage market is still relatively small, a lending expert has stated.Alison Rolls of the Norwich and Peterborough Building Society said that the green mortgage is "still very much a niche product" among UK borrowers and will "stay a niche product in 2008".
She explained that while demand for eco-friendly home loans is gradually increasing, the market remains "very rate-driven", with the majority of borrowers looking to capitalise on the best deals rather than help the environment.
Ms Rolls stated: "For second and third homebuyers it would be nice to think that they put the environment more on their shopping list, but at the moment it's a fact that it's all about rates and less about ethics."
Speaking about the ongoing bid to raise public awareness of ethical financial products, she said: "It's happening but it's just very slow."
Green mortgages are usually those offered by lenders which make a contribution to environmental charities or will only finance eco-friendly properties.
