Sustainability is understandably a key consideration for many people, with some opting to divest from unsustainable investments, while others are urging pension providers to focus on sustainability. Green mortgages are a term many homeowners and prospective buyers may well have heard of, but what does it mean?
“A ‘green’ mortgage is usually just a product that might be cheaper in some way than a ‘normal’ mortgage product,” Nick Morrey, Product Technical Manager at John Charcol explains.
“It could have a lower interest rate or a lower fee or (in the case of Nationwide) a bit of extra cashback.
“To qualify for such a product there is usually a set of criteria that often centres around what the EPC rating is for the property being lent on.”
Speaking exclusively to Express.co.uk, Mr Morrey continued: “It is a good thing that lenders are trying to reward people looking to buy more energy efficient properties but the system is somewhat flawed as the EPC ratings required tend to be A or B and the vast majority of residential properties in the UK are C or below.”
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