Interest Rates and Charges
Current interest rates
Mortgage rates from 1 January 2010
| Type of Mortgage | Interest rate pa | |
|---|---|---|
| Residential | Residential owner occupiers (Standard Variable Rate) | 4.90% The overall cost for comparison is 5.1% APR |
| Retired borrowers (interest-only) | 4.90% The overall cost for comparison is 5.0% APR |
|
| Shared ownership | 4.90% The overall cost for comparison is 5.1% APR |
|
| Buy-to-let | 5.15% | |
| Housing associations | 4.90% | |
| Housing co-operatives | 5.10% to 5.75% | |
| Part-residential | up to 5.75% The overall cost for comparison is 6.0% APR |
|
| Small woodlands and moorings | up to 6.75% | |
| Commercial | Lending for community gain* | negotiable between 2.00% and 5.00% above Bank of England Base Rate |
| Small scale development* | negotiable between 2.00% and 5.00% above Bank of England Base Rate | |
| Commercial* | negotiable between 2.00% and 5.00% above Bank of England Base Rate | |
Interest rates are variable and correct at time of publication.
*A minimum overall rate of 4.50% is applicable to all new loans made to charities, and of 4.90% to small scale developments and commercial enterprises.
You can find a full list of rates and charges by downloading Current mortgage rates and charges.
Residential mortgage discounts
| Type of discount | Interest rate reduction | Applicable to | When applicable |
|---|---|---|---|
| C-Change sustainable homes | 0.50 - 1.25% | The whole of the mortgage amount. The size of the discount will depend on the energy rating achieved - the higher the energy rating, the higher the discount. | Completion, if energy rating confirmation is available, otherwise, as soon as energy rating confirmation received. |
| C-Change retrofit | 0.25% | The whole of the mortgage amount for each grade improvement within the Energy Performance Certificate (EPC) rating. | Once works are complete and a new EPC verifying the upgrade is received. |
| C-Change energy improvements | 1.00% | Funds being used to install energy saving measures or renewable energy systems. | Once works are complete |
All of the above discounts are subject to the prior satisfaction of any conditions applied to the mortgage.
The discounts listed about are deducted from our Standard Variable Rate (currently 4.90% - the overall cost for comparison is 5.1% APR).
You can find a full list of rates and charges by downloading Current mortgage rates and charges.
Fees
| Mortgage application fees | |
|---|---|
| Type of mortgage | Fee |
| Residential | £250 |
| Buy-to-let | £350 |
| Small woodlands and moorings | £250 |
Please contact us for details of the fees charged for commercial and non-residential charity applications.
| Residential valuation fees | |
|---|---|
| Value of property not exceeding | Fee |
| £100,000 | £180 |
| £150,000 | £210 |
| £200,000 | £240 |
| £250,000 | £270 |
| £300,000 | £300 |
| Up to each £50,000 thereafter add | £30 |
| The above fees include VAT | |
Please note that these fees only apply to residential, buy-to-let and housing co-operative applications.
In all other instances, the fee required will be determined on a case by case basis.
Depending on the nature of the property, the fee required may on occasion differ from this scale.
You can find a full list of rates and charges by downloading Current mortgage rates and charges.
About our rates
We keep our Standard Variable Rate (SVR) as low as possible and we balance this with the need to offer attractive interest rates to our savers, who fund our mortgage lending. We also need to ensure that the rates we charge on our mortgages help us meet the increasing regulatory requirements we face.
We last changed our SVR in January 2010, when we raised the rate by 0.25%. This was matched with a rise in the interest rates paid on our ISA savings accounts.
Don't forget that you may be able to benefit from a reduction in our SVR (currently 4.90% - the overall cost for comparison is 5.1% APR) by applying for one of our C-Change mortgage discounts.
You can find a full list of rates and charges by downloading Current mortgage rates and charges.
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Sue’s story: affordable living in a sustainable home
With Ecology’s help, Sue purchased an energy efficient affordable home…
It’s been lovely dealing with Ecology to arrange my mortgage. I was treated as an individual rather than a “ticklist”. I’m looking forward to seeing the rest of the site developed and being part of a really nice community.
Sue, Ecology borrower