Virgin Money is the latest lender to sign up to Hometrack to help provide climate risk analysis across its mortgage portfolio.
Analysis is provided in partnership with Ambiental and Terrafirma, which specialise in flood risk and ground risk, respectively.
Hometrack says that an understanding of both near-term and long-term risk is provided, as well as insight that will help the lender deal with upcoming regulation from the Bank of England.
Hometrack’s tools were launched in mid-June this year, and it has since signed contracts with a number of names in the mortgage industry, including Leeds Building Society, Yorkshire Building Society and Principality Building Society.
Hometrack vice president of commercial George Robbins states: “Changing regulation around climate change is one of the biggest challenges facing lenders in today’s market. Indeed, it’s an issue that is set to face the industry for the long term – it isn’t going to dissipate any time soon.
“We welcome Virgin Money’s appetite to address this challenge early on and will support them as they gain control of its risk exposure based on our market leading data and analysis.”
