Real Estate TV:
Experts are maintaining that green mortgage products have yet to fully enter the mainstream, arguing that they remain a niche market in the UK mortgages sector.
Designed to encourage environmentally-friendly living and appeal to the green sensibilities of mortgage borrowers, these mortgage products had been expected by some to become significantly popular.
However, Norwich and Peterborough Building Society (N&P) has maintained that green mortgage products are still niche, despite the first of these mortgages having been introduced as far back as 1998.
‘When they were initially launched they seemed quite a novel thing and the uptake was quite high, because obviously it had a lot of coverage in the press and the media,’ explained Richard Barker, product manager for mortgages at N&P.
’Over the years we’ve seen it stabilize,’ he continued. ‘It’s a very niche product’
The government continues to make efforts to encourage greener households in the UK, aiming to meet carbon emissions and energy-saving targets in the coming years.
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