Home owners can''t afford to move in 2007

There has been a massive increase in the uptake of "green mortgages" with ethical mortgages being taken up by many, according to the Ethical Investors Group.

The group, which provides specialist financial advice to people who are concerned about the environment, says that ethical financial products are becoming more popular all the time as concerns about the environment grow.

Kevin Brogan, from the group, said: "I would say 30-somethings seem to be a quite popular age group because they have grown up with green concerns and are moving into the property market."

One such mortgage is offered by the Ecology Building Society and it allows reduced rates of interest on its loans once homeowners install a variety of energy saving devices.

It only lends to properties with "an ecological payback" such as old homes in need of renovation or new homes built from recycled or sustainable materials.

Mr Brogan added that the big lenders are not offering such mortgages at the moment and will need to bring in products with carbon offsetting credentials soon.


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