Green Mortgages in Practice (June 2022)
Luca Bertalot
Secretary General: The European Mortgage Federation
In the final video of this four-part video series, Luca illustrates the new products that are becoming available in the UK and the EU.
In the final video of this four-part video series, Luca illustrates the new products that are becoming available in the UK and the EU.
Green Mortgages in Practice (June 2022)
5 mins 7 secs
Key learning objectives:
Identify some of the new green mortgage products being offered in the EU and UK
Understand the benefit of the green mortgage products
Overview:
Now that we have established why we need energy efficient mortgages and what they are and can be used for, it’s worth spending time looking at some of the existing products. Unfortunately, the progress in the market to date has shown limited consumer demand and the products offered have been of questionable value.
What products are currently available in the EU?
Rabobank:
To qualify for the green mortgage, the property must have be Energy Performance Coefficient of 0.26 to borrow up to €100,000 or a value of 0 to borrow up to €150,000
Nordea:
Offer green mortgages with lower rates than their traditional counterparts. This is to reward borrowers for spending borrowed funds on projects that protect the environment. Can be used for installing solar panels, replacing inefficient windows, adding insulation or installing an environmentally friendly heating system.
What green products are currently available in the UK?
Barclays:
First UK bank to offer green mortgages. If the home has an energy efficiency rating of 81 or above, or is an energy efficiency band A or B, you could get lower rates.
Danske Bank:
Offer a carbon neutral mortgage. The bank calculated that they had a carbon footprint of 96kgCO2e per mortgage. To qualify for this product, homes must have an EPC rating of A-C, customers will then receive up to £2,000 cash back once approved.
Luca Bertalot
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