TV shows 'encouraging brown mortgage take-up'

The increasing prominence of property and renovation shows on television has encouraged more people to consider redesigning their own home, which has in turn led to the creation of a so-called 'brown' mortgage, one lender has suggested.

Norwich and Peterborough building society has said that the product, which encourages building on brownfield sites rather than using greenfield land, is designed along the lines of a self-build mortgage.

Society spokesperson Laura Hogg added that mortgages with an eco-friendly slant could also enjoy increased popularity as the nation became aware of the realities of climate change.

"A brown mortgage is for renovating existing properties and it runs quite similarly to a self-build mortgage, so you can have your payments in stage payments that run through," the spokesperson commented.

"With programmes like Grand Designs and Property Ladder...that are so popular on TV now, people are always keen to create their dream home.

"You can't pick up a newspaper these days without reading more and more about environmental impact and I think people are starting to take a bit more notice of it now," Ms Hogg added on the subject of green mortgages.


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