95% think green borrowing will be a permanent part of their offering
Over half of lenders are now offering green mortgage products, with their number having increased by 76% year-on-year, new research from Mortgage Advice Bureau (MAB) has revealed.
The study also found that almost all lenders who responded - 98% - would offer green mortgages in the future if they don’t already, while one in 10 believe that green mortgages will eventually replace all existing products on offer.
Furthermore, 95% of lenders said both builders and lenders are responsible in providing more energy-efficient homes. The proportion of lenders who said it was the responsibility of builders only declined from 11% last year to just 5% this year.
Most lenders - 95% - indicated that green mortgages would be a permanent part of their product range, an increase from last year’s 92%. However, just 20% of lenders offered at least five different green mortgage products.
Ben Thompson (pictured), deputy chief executive at Mortgage Advice Bureau, believed that the industry could still do a lot better in its bid to achieve Net Zero.
“The climate issue is one we must act on, and every lender can play their part,” Thompson said. “With that in mind, it is really encouraging to see the uptick in lenders offering green mortgages, and letting people know about them is key.
“With COP27 in Egypt having just finished, the climate is once again front and centre, and we will always help lenders and intermediaries to push green mortgages.”
