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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.”


Hard acts to follow

Canada Life technical manager Peter Carter says three Finance Acts have failed to provide true simplification of the pension tax regime and many IFAs and consumers are still confused over its workings

Sour grapes over Poso charges

I was surprised to read Tim Hague’s suggestion headlined, Poso probe is needed to check fees (Money Marketing, September 21), that either the FSA or OFT will become interested in the profit margin made by lenders on their up-front fees. If they did, they might query the 1,499 arrangement fee that BM has charged on […]

Network Data looking at move into lending

Network Data Holdings is gearing up to set up a lending operation in early 2007. The parent company of Network Data, which floated on Aim last month, is considering whether to launch a dormant firm it owns, Homeowners Mortgages, on to the lending scene. HM was set up in November 2005. It is not clear […]


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