Hinckley & Rugby Building Society is delighted to have achieved Pioneer status with the Green Finance Institute’s (GFI’s) Green Home Finance Principles (GHFPs) through the introduction of its green mortgages. The products align with the four core components of the principles and provide an affordable option to existing borrowers to retrofit their properties to increase energy-efficiency.
The GHFPs have been developed with a view to support the marketing around the financing of energy-efficiency improvements, climate resilience measures, or the reduction of carbon emissions of domestic properties.
Hinckley & Rugby has ensured that its green mortgage products allow existing members to access additional borrowing at competitive rates, with at least 50% of the funding required to go towards green retrofitting improvements. These adaptations can include installation of heat pumps, cavity wall insulation and renewable energy generation measures such as rainfall capture.
Research by the Environmental Agency found that our homes account for 30% of the UK’s total energy use and, as a mortgage lender, Hinckley & Rugby wanted to play its part in reducing this figure by giving a helping hand to its members in carrying out necessary improvements to improve the overall energy efficiency of their properties.
Colin Fyfe, Chief Executive at Hinckley & Rugby Building Society, and Chairman of the BSA’s Green Finance Taskforce, says:
“We wanted to provide an affordable option for borrowers looking to reduce their carbon footprint by retrofitting their homes. It is our responsibility to make this easier for them, and to actively show our commitment to becoming a more environmentally-friendly organisation, which is why we launched our suite of green mortgage products.”
Emma Harvey, Programme Director at Green Finance Institute, says:
“Green mortgages have the potential to channel significant investment towards the decarbonisation and improved resiliency of our homes. Financial institutions have an important role to play in the evolution and scale up of this market, therefore we welcome the announcement by Hinckley & Rugby Building Society about the launch of its green mortgage products and the decision to align this product with the Green Finance Institute’s Green Home Finance Principles.”