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New 'solar' mortgage launched

An innovative new mortgage product has been launched - potentially pointing to future trends in the sector.

The Ulster Bank has unveiled its Solar Mortgage, which gives big discounts to borrowers who install solar panels on their property.

In fact, customers who do their bit for the environment can expect a cut of 50 per cent to the bank's variable rate - a big price incentive to go green.

Ulster Bank's new mortgage came about through a collaboration with green energy firm Solarcentury - which will install and maintain the panels for borrowers.

Head of mortgages at the firm Derek Wilson commented: "This new product will help make installation of solar panels much more affordable and cost effective and provides reassurance to homeowners because the whole process is managed by a pre-approved, high quality supplier and installer."

Chief executive of Solarcentury Derry Newman added: "Solar photovoltaic technology is a clean, reliable and readily available alternative to fossil fuels, which generates clean electricity, producing power directly from daylight."

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