In a noteworthy trend, our advisors at Oportfolio Mortgages have seen a significant increase in client requests for mortgages aligned with ethical banking practices. This shift reflects a growing awareness among consumers about the impact of their financial decisions on ethical considerations. In this blog we will share a recent client’s decision to forego a seemingly advantageous offer from a well-known high-street bank, due to concerns about the bank’s ethical investments. Choosing instead to go for a lender that offers more ethical mortgages.
Borrower Chooses Ethical Mortgages Over Price
The client, who was seeking the best mortgage rates and the maximum loan amount, approached Oportfolio to secure a new property finance. Our advisors recommended the most competitive and advantageous lender at the time, as we normally do. However, the client chose to steer clear of the initially recommended well-known bank, expressing reservations about their unethical investments. In an email to Oportfolio Mortgages, the client stated, “I am not keen on banking with (Bank name omitted), given their unethical investments. I have been wanting to move away from (Another bank name omitted) too for the same reasons. Could you enquire for a more ethical mortgage lender?” The client specifically mentioned the Co-operative Bank, Ecology Building Society, and Nationwide as potential ethical mortgage lenders.
How Oportfolio’s Advisor Helped
Acknowledging the client’s ethical concerns, our expert advisor at Oportfolio conducted a thorough search and found the Co-Op (formerly known as Platform) to be a compelling alternative with good rates and products. While the initially recommended lender offered the best rate and the highest loan amount, the client opted for Co-Op, emphasising a commitment to avoiding associations with banks involved in unethical practices.
Oportfolio Mortgages is aligned with the ethical sentiments of its clients in all aspects of our business and recognises the role of building societies in promoting ethical lending practices. Building societies, with their customer-centric approach, often lead the way in ethical mortgage options. Two standout choices, Nationwide and the Co-Operative Bank, not only boast strong ethical credentials but are also competitive in terms of pricing. You can read more about Co-Operative Bank’s ethical practices here.
The PRIMIS Mortgage Network and Ethical Mortgage Lending
PRIMIS, the mortgage network partnered with Oportfolio, also emphasises ethical practices in its mortgage advice and guidance. Specifically highlighting the Co-operative Bank, PRIMIS articulates a commitment to ethical lending. As the UK’s original ethical bank, the Co-operative Bank for Intermediaries operates with a unique focus on ethics before profits.
The Co-operative Bank’s customer-led Ethical Policy sets it apart as the only UK mortgage lender with such a commitment. This policy ensures transparency in how mortgages are funded, with a refusal to provide banking services to organisations involved in fossil fuels, animal cruelty, or oppressive regimes. Operational practices reflect the bank’s dedication to environmental responsibility, having been operationally beyond carbon neutral since 2007 and committed to achieving net-zero emissions by 2050.
Speak To an Expert Ethical Mortgages Broker
Moreover, the Co-operative Bank collaborates with Centrepoint, the UK’s leading youth homelessness charity, since 2017. For every eligible new mortgage or product switch completed, the bank makes a £5 donation, supporting Centrepoint’s national helpline.
At Oportfolio we applaud and support the ethical initiatives undertaken by the Co-operative Bank and other lenders, and always support a client’s decision to seek out a more ethical lender. If you or anyone you know is interested in ethical mortgages, we are happy to help. Call or email our team today to start the conversation.
