Skipton Building Society is the latest lender to partner with Rightmove to help manage climate risk in its mortgage portfolio.
This decision will see each property in the lender’s portfolio assessed against current and future risks over the next 80 years, using data from flood and climate data specialist Ambiental Risk Analytics.
The partnership will also see Rightmove helping Skipton deal with Bank of England (BoE) climate change regulatory requirements.
Aidan Walker, Head of Credit Risk at Skipton, said: “We have made great strides over the past few years in our sustainability and environmental, social and corporate governance (ESG) activities, particularly in how how we prepare for and respond to climate change.
“We’ve been working with Rightmove Data Services since 2008 using a number of services including their automated scoring model, so investing in their climate change product was a natural progression.
“The severity and magnitude of climate change rightly demands our attention, and therefore analysis of our mortgage portfolio is invaluable in helping to understand and manage the physical and transitional risks it presents. “
And Edward Burgess, Strategic Head of Data Services at Rightmove, adds: “We have put the ‘net zero’ agenda at the forefront of our data analytics, and therefore the development of a climate solution to meet the demands of the climate. BoE was a natural extension of the services we already offered Skipton and other mortgage lenders.
‘We are in a unique position to have access to almost the entire UK property market, and we know that the degree to which someone’s home is greened will become increasingly important as the UK grows. strives to achieve net zero by 2050, making predictive data vitally important to help businesses plan for years to come.