Eco-friendly mortgages from Yorkshire Building Society
Those wanting to combine a lower rate mortgage with the chance to improve the environment may be able to benefit from a new mortgage that is available from the Yorkshire Building Society.
The Yorkshire has launched a new mortgage that is eco-friendly and offers a discounted rate for those that are willing to take steps to improve the environment. With various other companies, such as utility companies and vehicle insurance companies, also offering eco-friendly products this is the latest in a long line of ways in which UK consumers can help to improve the environment.
The mortgage loan is known as the Home Energy Efficiency Additional Loan, and caters for those looking to borrow an additional £1000-£15000 on top of their mortgage. The discounted rate on this eco-friendly loan is 1.50 lower than the standard variable rate offered, which is normally 7.15%. The loan is based on the borrower putting the extra funding towards certain home improvements that will help to increase energy efficiency within the property.
According to officials from the Yorkshire Building Society, most customers are well aware of the financial impact that energy efficiency can have in the home, and hope that the mortgages will prove popular amongst environment conscious consumers. The mortgage was launched in mid-April.
One Yorkshire Building Society spokesperson stated: "Our first step is introducing an additional loan for existing customers which will only be available for approved energy efficiency home improvements."
A leading mortgage brokers also announced recently that all of its mortgage products would be eco-friendly. Fee free broker London and Country has stated that for every eco-friendly mortgage that is taken out through the company one tree will be planted to counteract the carbon emissions for one person.
Tom Smith
28th April 2007
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