UK Money News
16th January 2008
Credit crunch 'boosting green mortgages'
Eco mortgages are becoming more popular because they can withstand the effects of the credit crunch, an expert suggests.
Jenny Irwin, marketing manager of Ecology Building Society (EBS), added that the standard variable rate of the lender's mortgages was another attraction for borrowers.
EBS had a record year in 2007 and Ms Irwin said it expected 2008 to be even better.
Eco - or so-called green, sustainable or ethical - mortgages are offered by only a few other lenders, including the Co-operative bank and the Norwich & Peterborough building society.
"We are a mutual building society and use our savers' investments to fund mortgage lending, so we do not need to borrow funds from external sources," Ms Irwin explained.
"As such we have not been affected by the credit crunch."
People could find this a help with finance because this means EBS rates are not susceptible to market fluctuations in the same way as other lenders are.
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