Two-thirds of UK mortgage advisors have told a new survey that the clients they work for are completely unfamiliar with the concept of green mortgages, even though more of these loans are now on the market than ever before.
The Mortgage Advice Bureau (MAB) was responsible for this survey, which saw 63% of advisors state that customers do not even know what green mortgages are. A further 83% of them – which amounts to four from every five – indicated that their customers did not understand the concept of these loans at all.
In releasing the results of this survey, MAB said that buildings are responsible for 20% of all current UK carbon emissions and that this makes the housing industry crucial to the government achieving its 2050 net zero goal. That makes the widespread ignorance about the environmental benefits of green mortgages among the general public a cause for concern.
Just 3% of the advisors that MAB spoke to for the survey stated that the concept of green mortgages was one that their customers fully grasped, while 14% said that the clients that they represent half understood what they are about.
Speaking to Mortgage Strategy, Ben Thompson from MAB said:
“We no longer have the luxury of time, and the industry has a lot to do to not only decarbonise homes but increase consumer understanding of green mortgages and EPC ratings.”
This is an area that advisors with a CeMAP qualification will have to focus on much more intensively as part of the advice process.