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In Gordon Brown's budget, green issues came to the fore once again with the forthcoming energy performance certificates paving the way for a whole range of green products aimed at encouraging people to improve the energy efficiency of their homes. Further special home improvement loans and mortgages will become available to assist people investing in projects such as solar heating and insulation work.
Several companies like the Co-operative Bank already have green products, but reaction from the mainstream banks was lukewarm, with Halifax Bank of Scotland confirming that they didn't have a green mortgage currently but do plan to look at launching one next year. Other preliminary announcements were made by Abbey and Yorkshire Building Society both keen to jump on the "green" bandwagon, but they are all just following in the wake of the Co-op and companies like The Norwich and Peterborough Building Society who both have products in the marketplace now and plan to extend their range shortly.
Green mortgages currently come in two main types. One kind were the lender makes charitable donations to assist green projects and the other where cheaper products are only available for certain types of environmentally friendly building schemes.
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