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Green mortgages increasingly popular, says building society
Wed, 16 Jan 2008
Green mortgages are becoming more attractive as the credit crunch hits, one lender says.

Jenny Irwin, marketing manager for Ecology Building Society, said the fact that banks withdrew or increased the rates on their fixed products "is making variable rates look more attractive".

She added: "Our record year in 2007 just goes to prove that more and more people are taking out green mortgages ."

Ms Irwin also said that , based on the performance of her company, the market for green mortgages was growing.

Currently, only a few lenders offer green mortgages - also known as ethical or sustainable mortgages.

Green mortgages aim to reduce negative impacts on the environment, with some lenders only financing houses that are seen as environmentally sound.

At the moment green mortgages are offered by the Co-operative Bank, the Norwich and Peterborough Building Society and the Ecology Building Society.

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