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Mortgage lenders can play a part in boosting Green Deal

The chief executive of one of the country's smallest building societies has said that urgent changes need to be made in order to drive up demand for the Green Deal.

Last week, official figures showed that just 132 people had signed up to energy efficiency scheme by the end of June despite more than 50,000 assessments being carried out.

Now, Paul Ellis of the Ecology Building Society says the time has come for a new approach to be implemented.

"We need to see a more competitive interest rate, a simpler process and wider policy initiatives to drive take-up, such as an energy efficiency Feed-in Tariff, Council Tax or Stamp Duty discounts," he stated.

Mr Ellis added that banks and building societies can also play a role by offering discounted mortgages to people who can show that their home is energy efficient.

Ecology currently offers range of mortgage products known as c-change specifically for those buying or improving an efficient property.

Posted by Paul Taylor