UKSIF submission: Autumn Budget 2024
UKSIF has submitted views to HM Treasury on the priorities for the government’s forthcoming budget, to be announced in Parliament on 30 October 2024.
In our submission, we state that the Treasury should work with the Financial Conduct Authority (FCA) to help standardise the definition of green mortgages, encouraging the FCA to adopt a clearer definition of what constitutes a green mortgage, to align market products and boost understanding. Clarity over what these products entail would lead to better understanding and increased take up of these products, potentially helping borrowers with better interest rates on their mortgage and incentivising home energy efficiency improvements. Coupled with this, government should launch an awareness campaign to further increase uptake of green mortgages. This could be achieved via a task force bringing together investors, house builders and consumer groups.
We believe the government should encourage take up of green mortgages, by:
• Encouraging the FCA to standardise the definition of green mortgages to provide clarity for customers;
• Working with the FCA, lenders and brokers to better signpost green mortgage options.