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Building Society one step ahead of the game

Posted: 04/08/2008

The Ecology Building Society (EBS) is patting itself on the back this week following the publication of a report by British Gas and the Institute for Public Policy Research (IPPR) which called for "the creation of new green mortgage packages by banks and energy companies to pay for the installation of energy saving technology".

The building society is able to remind consumers that eco-mortgages are already available to environmentally concerned consumers.In fact such deals have been on the market since 1981, claims the EBS.

The most recent version of the product is the C-Change Home Improvements mortgage, which allows homeowners to remortgage to the society and receive a one per cent reduction in the mortgage rate for any money spent on energy-efficient or sustainable work they do on their home.

With a rate of 6.45 per cent, this discount, coupled with the savings in home energy costs, means many customers will be better off going green, say the EBS.

"We welcome the green streets initiative and its practical demonstration of what can be achieved," said Ecology chief executive, Paul Ellis.

"Our C-Change mortgage borrowers are already greening their streets and making a direct contribution to reducing carbon emissions, while benefiting from long-term discounts which don’t rely on switching every couple of years.

"Ecology mortgages are truly green unlike carbon offset deals which are akin to closing the stable door after the carbon horse has bolted," he added.

The society say that when the whole cost of the home is taken into account, including energy costs, the C Change Home Improvement mortgage can make financial sense.

Consumer watchdog energywatch says the average domestic fuel bill is around £1,053 a year and most commentators think that average fuel inflation is going to be in excess of ten per cent a year going forward.

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