Virgin Money adopts Ambiental data via Hometrack Climate Change Product
The challenger bank, Virgin Money is to identify back book risk from climate change having signed up to a contract with Hometrack, the leading provider of insight, intelligence, and decision automation to the UK mortgage market. Virgin Money will be able to both assess the risk of climate change in the near term, as well as gain data insights to assess how risk is forecasted to develop across their portfolio over time.
The bank joins a string of some of the largest building societies: Leeds, Yorkshire and Principality who have all taken up this data through Hometrack. The Bank of England has asked banks and building societies to assess the climate change risk to their mortgage books against specified timelines and severity scenarios, and to report back to them on their findings. The Hometrack Climate Change Risk product draws in data from both Ambiental and TerraFirma data and has been structured to allow this reporting in the formats required by the Bank of England.
As we see from the COP26 conference this week, climate change is one of the biggest global challenges. It is an issue that the mortgage market is embracing and an issue that will face the industry for the long term – it isn’t going to dissipate any time soon.
Read Virgin Money’s press release about the news here on their website.
We’d love to give you a short introduction into how our data and analytics are being used to transform the mortgage decision-making process via Hometrack.
Contact Rob Carling for more information:
Discover what Ambiental’s risk database of all UK properties is revealing about the current and future risk to properties built since 2009.
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