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Green mortgage on offer from Norwich & Peterborough

Norwich & Peterborough Building Society is going green in what it claims is a bid to save the planet by launching a greenhouse-gas-free discount mortgage.

The green mortgage is designed to reduce the emission of greenhouse gasses into the environment.

A residential property&#39s energy efficiency is measured by a Standard Assessment Procedure and rated between one and 100. Developers are now being asked to build houses with a minimum rating of 80. The current average SAP rating is 60.

Norwich & Peterborough&#39s mortgage is available on new homes with a SAP rating of 80 or above. It offers a 2 per cent discount for two years. The society&#39s standard variable rate is currently 8.35 per cent.

The redemption penalty is one month&#39s full interest for the first four years. The maximum loan to value is 95 per cent.

Buildings and contents insurance must be arran ged with Norwich & Peterborough.

There is a £295 arrangement fee on completion of the loan. IFAs receive a £125 procuration fee. The society offers a free property valuation.

The mortgage is available from February 23.

General manager Stephen Penlington says: "We are aware of the huge groundswell of public opinion in favour of the building and design of homes which are more environmentally friendly.

"Energy-efficient homes are not only good for the environment but cheaper to run too. By offering this incentive, we are encouraging builders to develop standards which help the homebuyer."

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