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N&P grows green grass of home

NORWICH & PETERBOROUGH

Green Mortgage &#45 4 Year Fixed Rate Without Incentives

Type:
Ethical fixed-rate mortgage

Fixed term:
Four years

Fixed rate:
5.64%

Minimum loan:
£25,000

Maximum loan:
Up to 90% of valuation subject to a maximum of £250,000,
up to 85% of valuation subject to no maximum

Income multiples:
Up to four times principal income plus second
or 2.9 times joint

Conditions: Capital repayments of up to 10% allowed without penalty

Flexible features:
Overpayments, underpayments, payment holidays, interest calculated daily

Arrangement fee:
£345

Redemption fee:
4% of mortgage balance in first three years,
3% in year four

Introducer&#39s fee:
0.25% of original loan

Tel: 0845 300 2522

The Norwich & Peterborough four-year fixed rate without incentives is one of two recent additions to the lender&#39s green mortgage range. It is fixed at 5.64% for four years and is available for loans up to 90 per cent of valuation.

Ethical Investors Group mortgage consultant Kevin Brogan points out that his clients ask specifically for ethical mortgages so he considers the Norwich & Peterbourough deal a useful addition to the market. He says: “This product will be very useful as it shows Norwich & Peterborough have thought carefully about the ethical/green market.”

Brogan feels the remuneration is standard and points out that the fixed rate is not the only concern for many of his clients. He says: “Clients are happy to pay a slightly higher rate provided it can reflect their ethical /green issues. Although it takes longer to explain the benefits if the product, this is acceptable.”

Looking at potential competitors Brogan suggests the Co-Operative Bank as it has a definitive ethical policy that clients can see.

BROKER RATINGS

Suitability to market: Good
Flexibility: Good
Competitiveness of mortgage rate: Average
Adviser remuneration: Good

Overall 8/10

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