NatWest launches ‘Green Mortgage’ for Gib customers

NatWest International on Thursday launched its first “Green Mortgage” for the Gibraltar market, in a move to reward retail banking customers for playing their part in the fight against climate change.

This has come about after NatWest Group set out an ambition to become a leading bank helping to address the climate challenge in February 2021.

The new mortgage product offers lower interest rates for mortgage customers purchasing energy-efficient homes with an Energy Performance Certificate (EPC) rating of A or B, NatWest said in a statement.

Gordon Paterson, Country Head, NatWest International, Gibraltar said: “We want to help home buyers to make greener choices, particularly as one of the core parts of our purpose as a bank is to help address the climate challenge.”

“Our customers are increasingly interested in purchasing energy efficient homes and by offering those customers a lower mortgage rate, we want to have a positive impact on the environment.”

“This is just one of many ways we are supporting and encouraging greener choices.”

“Our customer insight shows that, knowing they can get a lower interest rate on their mortgage could encourage customers to consider energy-efficiency as a factor when choosing to purchase a new home.”

“Energy bills are lower in greener properties, property values remain higher and evidence shows they're better for wellbeing too, because they're less costly to run which makes them better for people's financial health.”

“Our Green mortgage rewards customers making decisions based on long-term benefits – for them and the planet.”

“It really is a win-win situation.”

Dr John Cortes, Minister for the Environment, welcomed the initiative.

“We are passionate about helping our residents to make more climate-friendly life decisions,” Dr Cortes said.

“Choosing an energy efficient home is better for home owners and for the environment and we applaud this move by NatWest International to bring this product to market.”

ELIGIBILITY CRITERIA

NatWest International wants to reward customers who buy a new home that meets the Government’s energy performance ratings.

“When you buy a new home with a valid Energy Performance Certificate (EPC) rating of A or B, we’ll offer you a discounted 2-year fixed-rate mortgage,” the spokesman added.

This includes residential mortgages up to 90% LTV or BTL mortgages up to 75% LTV.

The bank offers more information here.