A new roadmap guide outlines how to increase the number of green mortgages available to homebuyers.
Green mortgages offer better rates to finance properties that have low carbon emissions or plans to improve their energy efficiency. The mortgage may include loans for the cost of energy efficiency improvements.
The guide titled The Green Home Finance Roadmap for the Mortgage Industry is published by the Green Finance Institute (GFI) and the Green Mortgage Advice Initiative (GMAI) and is supported by 34 organisations, including house builder Barrett Redrow and mortgage lender Santander. It looks at how to grow the green mortgage sector. The Government believes that this will drive more demand for environmentally friendly elements such as heat pumps and electric car chargers in homes.
Consumer research by the Green Finance Institute found that over half of home buyers are interested in mortgages that support the improvement of home energy efficiency, but many do not know about what green mortgages are available to lenders. Green Mortgage Advice Initiative chair Richard Merrett says that the roadmap report:
“Brings clarity, direction and momentum to a complex and fast-moving space.”
Ed Miliband, the Energy Secretary, has stated that the Government will not fully fund energy efficiency improvements. Many households will need green mortgages or other lending options to help them pay for home improvements that reduce their home’s carbon emissions.
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