Hometrack’s insight, provided in partnership with Ambiental and Terrafirma, will assess the risk of climate change of the properties on Coventry’s portfolio as well as those it prepares to lend on in the near term.
Hometrack’s Risk Insights will also assess how risk is forecast to develop across the mutual’s portfolio over time; equipping it with foresight on how to navigate any potential impacts of climate change risk in the years to come.
The partnership is part of Coventry Building Society’s commitment to lend responsibly; climate risk is incorporated into all its lending decisions, which is seen as in the best long-term interests of all its members.
Neil Wilson, head of retail credit risk at Coventry Building Society, said: “Coventry Building Society has an ambitious agenda to contribute to a cleaner and more carbon neutral world. We’re taking lots of steps to increase the support we provide for borrowers to understand the environmental impact of their property. This partnership with Hometrack will enable us to better understand the potential climate risks that we and our members may face.”
George Robbins, VP commercial at Hometrack, said: “Climate change regulation is evolving quickly and driving challenges for lenders in understanding the risk they have, new risk they may acquire and how the profile of those risks may develop over time. Coventry Building Society is committed to understanding and managing its commitments to responsible lending throughout the cycle and we welcome the opportunity for our data, analysis and solutions to be part of this key journey.”