An agenda being pushed by ‘greener than green’ David Cameron, the green bandwagon is in full flow. Every political party is now devoting time and energy to this growing issue, but I don’t understand how green mortgages will have any massive affect on the mortgage market.
Of course there are the super-eco-friendly people out there who will only buy organic products, recycle everything, cycle to work and do all they can to help improve the environment, but these people, in the grand scheme of things, are very much in the minority. A green mortgage will undoubtedly appeal to thse, but many people are more concerned about the interest rate attached to the product rather than the impact on the environment.
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This is not having a go at those interested in helping improve the environment, it is an issue that needs addressing, but this issue will never be to the detriment to product prices and incentives such as free legals, cashback and so on. While we all have a role to play in helping the environment and promoting a healthier earth, the truth is most people consider this a side issue to their life. Saving money on a mortgage to most people comes first.
We should continue to promote recycling and other efforts to help the environment, but green mortgages will become the most niche sector in the market in my eyes and have a very minor role to play.
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