The Mortgage Climate Action Group (MCAG) has outlined the next stage of its growth plan, featuring a HSBC-backed industry training programme and new website.
Launched in April 2022, The MCAG helps intermediaries to understand and address green issues involved in mortgage applications. It aims to ensure that advisers’ interests are represented amongst lenders, regulators, trade bodies, and government institutions. The founding partners – Legal & General, Sesame Bankhall Group, and SimplyBiz Mortgages – have since been joined by other leading firms, including HL Partnership, Mortgage Intelligence, PRIMIS, The Openwork Partnership, and Paradigm Mortgage Services.
In collaboration with MCAG and the Green Finance Institute, the Association of Mortgage Intermediaries (AMI) has today launched a dedicated website to help inform intermediaries and their customers about the journey they can embark upon to improve their properties’ green credentials. The website will clarify exemptions, limits of expenditure, and the short-, medium-, and long-term implications for the property market.
The website is accessible to all. It covers subtopics including infrastructure, new technology, installation, financing, and how to ensure improvements are recognised and recorded.
In support of the MCAG’s goals, HSBC has designed three training modules which explore sustainability, net zero, and how we can transition to a zero-carbon economy:
- First module: Sustainability, climate change, and the megatrends affecting our world.
- Second module: An introduction to a range of frameworks, including the circular economy.
- Third module: Reflect and take action.
This training is available on the website to anyone from the industry and applicable for anyone interested in the climate change issue and wanting to learn more.
The MCAG welcomed over 160 attendees to its first event on Thursday 4 August 2022. The event outlined the motivation behind the foundation of MCAG, explored the outlook for the mortgage sector, and evaluated ways in which green issues impact both lenders and advisers. A full programme of new initiatives and activity, including future events, was also revealed.
Kevin Roberts, managing director, Legal & General Mortgage Services, said: “Further support for the climate emergency cannot come fast enough. As one of the biggest contributors to UK carbon emissions, it’s only right that the housing market doubles down on its efforts to reduce energy consumption – rapidly rising energy bills only increases this urgency.
“We are delighted to have welcomed other leading firms since launching in April and urge others to join us on our mission. We cannot afford to let our focus on the climate emergency slip during this turbulent period for our market and economy.”
Richard Merrett, head of strategic development at SimplyBiz Mortgages, added: “The last few weeks have added a layer of cost and complexity to our market. Whilst the green agenda will not address rising mortgage rates, the current challenges consumers are facing on rising costs of living do emphasise the need for savings on energy costs and planning for longer-term sustainability.
“Providing advisers with more information on this important long-term topic for all of our futures, will save them time and effort in addressing this so they can focus on the other immediate challenges.”
