Green mortgage market left unscathed by credit crunch
The green mortgage market is enjoying success while other mortgage markets suffer from the credit crunch, according to Ecology building society.
Ecology also said that fixed rate mortgages appear to be losing their appeal as lenders increase rates due to instable financial market and this is making variable rates more attractive to borrowers.
Jenny Irwin, marketing manager for Ecology Building Society, said: "Mortgage lending for the year was the highest on record and we doubled our gross lending compared with 2006.
"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. As such we have not been affected by the credit crunch."
She added that the company was expecting 2008 to be a successful year following the business the company has had this year.
Green mortgages are said to be better for the environment as they come from lenders who will make contributions to charities that support the environment.
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