Climate change and biodiversity loss are of increasing concern. According to UNESCO’s World in 2030 report, 67% of the world’s population considers these to be two of the most important challenges facing humans in the coming years.
The level of awareness on both issues is very similar in our country. 65% of Spaniards are willing to change their consumption habits if it benefits the environment (according to the Sustainable consumer spending survey by ING TFI Consumer Research). And one of the ways to fight climate change is by improving the energy conditions of buildings.
The growing interest in sustainable housing has increased the demand for green mortgages, financial products created to buy, build or rehabilitate energy-efficient buildings.
The definitive take-off of green mortgages
Real estate market experts say this will be the year of green mortgages. The manager of the Spanish Mortgage Association (AHE), Enrique Benavides, believes that these financial products “are here to stay” and that in the future “more and more actors will increase their offer”.
The Negotiating Agency also predicts that this year there will be a green mortgage boom. The entity says they will grow at a double-digit pace in 2022. The reasons are the European funds for the improvement of energy efficiency, the increase in supply by banks and the improvement of the conditions for their contracting.
A very attractive solution to achieve sustainable housing
The report The path to sustainability at home, promoted by the Union of Real Estate Credits (UCI), ensures that 85% of owners consider that green mortgages are a very attractive solution to achieve sustainable housing.
For Cátia Alves, director of CSR and Sustainability at UCI, the demand for green financing will increase “to the same extent as the awareness of future owners that a comfortable home goes far beyond decoration and the most visual elements, and depends to a large extent on its insulation, energy and heating system or lighting (…)”.
But the concern to take care of the environment is not the only factor that influences when hiring this type of products. According to the same report, the interest rate, installments and terms are decisive elements for the applicants of these real estate loans.
- The better the energy rating of the home, the lower the interest on the mortgage. To be able to access it, it is necessary to meet a series of requirements:
- The most important thing is that the home for which a loan is requested meets all the required conditions of energy efficiency. The rating of the property must be A or A +.
You have to prove a good level of solvency. That is, in order to be granted this type of mortgage they will require us to have a stable job, a high income, money saved, etc. If these requirements are met, we are in a position to acquire a cheaper mortgage with more advantageous conditions.