Green mortgage market 'to remain static'

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A leading financial advice website has stated that it expects the green mortgage market to remain "static" in the near future.

Moneyfacts' head of mortgages Darren Cook has said that the emphasis for providers at the moment is on underwriting and a healthy lending book, meaning it is unlikely that new companies will enter the market.

However, he added that such a move does not mean that green mortgages will disappear, but added there were generally reasons why companies were offering the products.

"There is a demand for these, there's an interest in the marketplace," he explained.

"But the lenders that are in [that market] are generally motivated by social responsibility; it's due to their company ethics that they supply these products."

At the moment, only five lenders offer green mortgage products, including the Co-operative Bank, Ecology Building Society and The Hanley Economic Building Society.

The providers offer criteria in the products including donations to offsetting charities and the planting of 40 trees for each mortgage taken out.

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