Everything''s ethical - even mortgages

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I am always amazed at the sheer number of ways that money, the root of all evil if you believe what some say, can be turned into something good. Take one look at Green mortgages and you''ll see what I mean. Previously, this is something that has been viewed as a simple and self interested financial transaction, but nowadays even this can be bent to help others.

Allow me to explain; green mortgages are just like everything else that is ?green.? Sometimes known as ecological mortgages, these follow in the vein of other environmentally friendly products and have grown out of the wider movement of consumer demand for environmentally-conscious and ethical products in all aspects of life. Now mortgages are part and parcel of that.

Up until now, the shift towards greener products hasn''t had much of an impact upon any of the financial services.?All this might soon change however. As it stand, only a very select bunch of lenders offer any form of green mortgages in the UK, but each works in a very different way. For example, one way of doing things is to offer you incentives and bonuses related to your rate when you to install energy-efficient products in your home. And the number is growing.

Where to start looking? You would be good to check out the reasonably new Ecology Building Society. They offer mortgages on properties that are considered environmentally-friendly: old properties in need of renovation, new buildings made from sustainable and recycled materials and the like.?A nice fact they like to bandy about is that despite being ridiculed for their ideology when it first began, they have just celebrated its 25th birthday.

There are plenty of other options but they depend on what you are looking for. Some lenders offer what is called a ''carbon neutral mortgage,'' whereby by using tree planting schemes they can offset the carbon dioxide emissions produced by your house. Another, less palatable sounding option is the brown mortgage'' which caters to people wishing to restore or renovate a property in a green manner.

Other deals centre around donations made on your behalf. Some banks offer green mortgages whereby for each year that you have that mortgage, the provider makes a contribution to a Climate change charity. This is the most prevalent one, and the type of mortgage you are most likely to find at a standard high street lender the likes of Alliance and Leicester.

This is good news, as recent research by the Ethical Investors Group shows that demand for green mortgages is about to increase considerably. The current climate of economic uncertainty and the slow realization that the unsustainable way we did things before caused the crisis means it is becoming ever more desirable to be seen to do something worthwhile with your money.

So, the next time you find yourself buying something that you hadn''t even imagined had an ethically focussed aspect, think again. If mortgages can be green what else could be?

Article Source: http://depositarticles.com/

Katharina Beath is the author of this article. Alliance

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