Green mortgage market 'set for growth'

27-Apr-2007

In news which may be of interest to prospective first time home buyers, the green mortgage market has potential for growth, an expert has claimed.

According to Andy Hammerton from the Co-operative Bank, although the range of green mortgage products is currently small when compared with other types of mortgages, such products may become more popular as consumers - which may include first time buyers - are becoming more interested in environmentally-friendly financial arrangements.

"In terms of lending products, there's little evidence at the moment to show massive growth, but there is increased consumer desire which is playing its part," said Mr Hammerton.

"What you're seeing is increasing consumer awareness around climate change. That's influencing the way they buy their products," he added.

However, Mr Hammerton expressed a degree of caution, noting that consumers are unlikely to want to pay more for a green mortgage product.

The Co-operative Bank offers a range of financial products and services, including mortgages and credit cards.

To find out about those mortgages specifically aimed at first time buyers, see our best buys for first time buyers table.

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