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Loan aimed at ethical homeowners

Ethical Investment Co-operative is setting up a mortgage with building energy conservation consultancy Thirdwave.

EIC and Thirdwave have joined with a panel of building societies, including Skipton, Yorkshire and the Scottish Building Society, to offer the environmentally friendly plan.

The ethical mortgage offers new incentives for borrowers to improve their homes and make them more environmentally friendly.

The aim is to encourage more homebuyers to be sensitive to ethical issues and energy conservation.

Interest rates are based on the societies&#39 normal lending criteria although the package offers homeowners low-interest loans to fund work on their properties to improve the energy efficiency of running the house.

EIC says it expects the mortgage market to eventually catch up with the eth-ical investment market and reach 1 per cent of the over-all market.

Director Guy Hooker says: “The ethical mortgage ser-vice is a unique product which achieves a win-win for housebuyers.

“Not only can they take out a mortgage with a clear conscience but they also benefit from a healthier lifestyle.”

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