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Lenders look abroad for a green example

Housing minister Yvette Cooper’s call for the mortgage industry to adopt environmentally-friendly homeloans has been met with a cool reception.

Most lenders say they have little experience of what a green mortgage is and need further guidance.

The Government failed to consult the industry before making the request, just as it failed to consult the sector before the July U-turn that saw home condition reports made voluntary in home information packs.

The Council of Mortgage Lenders is looking abroad to find what energy-efficient mortgages are available, although the Co-operative Bank already provides eco-friendly homeloans. It donates money from every homeloan sold to a company called Climate Care which helps offset carbon dioxide emissions.

The Co-op says it is looking to improve energy efficiency in its mortgage book, which could include discounts for energy-efficient homes.

The CML says in a bulletin to members: “We were not consulted about this announcement. We are looking into what energy-efficiency mortgages are available in other countries.”

Chase de Vere Mortgage Management director Nick Gardner says: “It would make more sense for the mortgage industry to be paperless, before going green.”

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