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Green mortgage market 'to remain static'
12 March, 2008
The green mortgage market is likely to remain "static" following the credit crunch, one expert has warned.
Darren Cook, head of mortgages for Moneyfacts, explained that, currently, mortgage lenders' priorities are focused on things other than the green mortgage market.
He said: "The emphasis at the moment is on the underwriting and a healthy lending book... Lenders are looking at loan-to-values and their criteria and so forth, to protect their lending book."
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Mr Cook said that, because of this, there will not be a large number of firms entering the green mortgage market.
However, he did say that as those choosing a green mortgage do so partly on an "intangible" ethical basis, it was unlikely that the market will shrink in the coming year.
Presently, only five lenders offer green mortgage products. These are, the Co-operative Bank, Ecology Building Society, Norwich and Peterborough, Giraffe and The Hanley Economic Building Society.
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