Co-op offers mortgages for 60,000 wooden flats

The Co-operative Bank is partnering with new eco-friendly housing developer Living Space 21 in a bid to boost its “green” credentials and commitment to first-time buyers.

It will work with the developer to offer new-build studio apartments for £59,950 excluding land. The homes will be constructed from timber frames sourced from sustainable forests. They will have rainwater capture and recycling and sloped roofs to maximise solar efficiency.

Co-operative Bank head of campaign delivery Paul Hemingway says: “We are providing a modern housing option which is not only affordable to all but also causes minimal impact to the surrounding environment.”

The bank is expected to launch a campaign to support the “sponsorship” initiative. It says the deal fits with its product range, such as mortgages aimed at first-time buyers, which incorporate green features such as an annual donation to Climate Care and a free home energy report.

This year also marks the 15th anniversary of the bank’s ethical policy.

Last month its parent organisation, Co-operative Financial Services, axed marketing director David Newman and commercial chief Craig Shannon, as exclusively revealed on marketing week.co.uk. Their roles were cut as part of a clear-out of 17 senior managers amid a restructure that is expected to lead to 1,000 job cuts – about 10% of the workforce – among back-office staff.

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