Mortgage gap for new builds

The 1-minute read to get all the money news plus expert adviser views.

New build premiums

Many big lenders won’t offer 95% mortgages on new builds* due to fears of negative equity. The government-backed mortgage scheme launched this week, making deals available to buyers with small deposits. But 1 in 10 new build buyers end up selling their property for less than they paid for it, and those price premiums are putting lenders off.

Climate consensus?

Joe Biden will host 40 world leaders today to ask them to get more ambitious on climate action as part of an Earth Day summit. He’s expected to commit to cutting US emissions by 50% by 2030. The summit will focus on economic opportunities, green finance, and technological innovation.

In emergency, break glass

Extinction Rebellion activists have smashed windows at HSBC offices in Canary Wharf. They’re protesting the bank’s continued financing of the fossil fuel industry, despite pledging to reduce its carbon footprint to net zero by 2050. They did the same at Barclays HQ 2 weeks ago.

Financial greenwashing?

The UK should consider labelling financial products such as investments to show how green they really are. The idea comes from a committee of MPs which wants to prevent people being taken in by misleading claims of green credentials. It says many products described as “green” or “climate-related” don’t really offer what consumers would expect.