Record month for green lender
Friday 3 December 2004
The Ecology Building Society, the UK's youngest and greenest building society, enjoyed a record month for lending in October 2004. Mortgage completions in the month totalled over £1.6m, 12% up on the previous record set in February 2003. This was partly due to a record month for mortgage applications of over £2m in July 2004.
All of the Yorkshire based Society's lending has some environmental payback, be it for renovation of derelict buildings - a form of recycling - or mortgages for small green businesses, organic farms or for woodland cultivation.
The variety of projects financed in October, typifies the diversity of the Ecology's lending. Mortgages were advanced on property in England, Scotland and Wales, from the more standard barn conversion to one built of single thickness timber and another an earth sheltered dwelling with a turf roof. The lending mix also included a wood for sustainable coppice management and an eco self build with solar panels, where the site is to be used as an organic smallholding.
Chief Executive Paul Ellis said:
"Our record lending month in October shows a healthy demand for our approach to mortgage lending and demonstrates the growing interest in safeguarding our environment. We were particularly encouraged that we achieved this figure against a backdrop of a slowing market and now look forward to achieving record lending for the year."
