C-Change discounts explained

As a building society with a unique mission to build a greener society, we lend on projects and properties that support our aims through their reduced impact on our environment. Making your home energy efficient is a major way you can support tackling climate change – while saving on your energy bills.

We reward borrowers whose properties are energy efficient (therefore have lower carbon emissions) with our C-Change discounts off our Standard Variable Rate which helps them save money on their mortgage. We call our discounts ‘C-Change discounts’ simply because we’re aiming to make a ‘sea-change’ of difference to our climate with each property or project we fund.

The level of our C-Change sustainable homes or C-Change retrofit discount that applies is based on the Energy Standard rating achieved on the self-build, renovation or conversion when the work is completed. Our C-Change energy improvements discount is based on the qualifying energy measures being installed. The discount is applied from the date we receive evidence that the work has been completed and if applicable the Energy Standard rating required has been achieved.

Joint account?

Joint account? You must each have your identity verified. However, both of you may rely on the same items from Table A and Table B if they are addressed to and clearly identify each of you.

Please note:
  • Online statements or downloaded documents cannot be accepted under any circumstances
  • Any documents produced must be current and issued within the last 12 months
  • The identification provided must be from different organisations
    All original documents will be returned to you when the account has been opened
  • Copy documents are not acceptable, except in the case of passports and driving licences, which must be certified (see below)

Copies of passports and driving licences must be certified by one of the following:

  • Accountant
  • Bank or building society official
  • Doctor
  • Minister of religion
  • Mortgage or investment broker
  • Solicitor
  • Teacher

Certification: The document that is being certified must state ‘original seen‘ as well as being dated and signed. The document should also include the name of the certifier and full contact details. If the identification is photographic, the certifier must state that ‘the photograph is a good likeness of the applicant

For funds borrowed to install energy efficiency measures or renewable energy systems: C-Change energy improvements discount

The C-Change energy improvement scheme offers a discount of 1% on funds borrowed for qualifying energy measure installations (listed in the table below) and is applied once work is completed and evidenced by invoices. Please note the discount is applied to funds borrowed for energy improvement measures only and our Standard Variable Mortgage Rate will apply to the rest of the mortgage.

For example, if you borrow £150,000 and £50,000 is used for energy improvements, once all work is completed and evidenced, we would apply a 1% discount from our Standard Variable Rate to the £50,000 used for energy improvements and our Standard Variable Rate would apply to the rest of the mortgage.

Energy improvement measures which can benefit from the discountSVR (Standard Variable Rate)Discount % applied to funds used for energy improvementsVariable Mortgage Rate
Floor, wall and roof insulation
Double or triple glazing
Wet underfloor heating systems
High efficiency condensing boilers
Solar water heating
Photovoltaics
Wind turbines
Ground source heat pumps
Biomass heating
Heat recovery systems
Low water-use appliances
Rain water harvesting
4.15%1.00% applied on funds borrowed for qualifying energy improvement works (see C-Change energy improvement checklist)3.15% The overall cost for comparison is 4.30% APRC
(Our 4.15% Standard Variable Mortgage Rate will apply to the rest of the mortgage)

For homes needing extensive renovations / energy efficiency improvements: C-Change retrofit discount

The C-Change retrofit scheme offers a discount of 0.25% from our Standard Variable Rate for each rating improvement in your home’s Energy Performance Certificate (EPC). This could be either its Energy Efficiency or Environmental Impact rating – whichever is the highest.

For example, if either EPC rating improves from E to C after the works to the property are completed, a discount of 0.50% will be available on the whole of the mortgage, for the duration of the loan. The discounts are deducted from our Standard Variable Rate (currently 4.15% – the overall cost for comparison is 4.30% APRC).

To apply the discount, we need to receive an EPC before you undertake works to your home and another EPC once works are completed. We will compare the revised EPC with the original rating, and apply the discount based on the grade improvement achieved. Until we have received your revised EPC, we will charge interest at our Standard Variable Rate. You can find out more by downloading Our C-Change discount leaflet.

Energy StandardEnergy Efficiency or Environmental Impact RatingSVR (Standard Variable Rate)Discount %Variable Mortgage Rate
Energy Performance Certificate (EPC)EPC rating improvement4.15%0.25% for each grade improvement in the EPC rating3.9-2.65% The overall cost for comparison is 4.30% APRC
Energy StandardRatingsSVR (Standard Variable Rate)Discount %Variable Mortgage Rate
PassivhausEnerPHit or EnerPHit+i4.15%1.25%2.90%. The overall cost for comparison is 3.00% APRC
PassivhausEnerPHit (PHPP modelled)4.15%0.75%3.40%. The overall cost for comparison is 3.50% APRC

Open an account for a young person (16-17 years old) or on behalf of a child

In a young person’s name (16-17 years old)

An account can be opened by a young person aged 16 or 17 with a cheque or a payment from an account in their name.

Alternatively, a parent or relative can provide:

  • a cheque (drawn on their own personal current account);
  • a bank or building society cheque (supported by an investment account statement from the relevant bank or building society); or
  • a bank transfer from an account.

A covering letter must also be provided confirming the money is being given to the young person and how they are related.

We will need to verify the identity and address of the young person.  For details of how this is done, please read the Savings account identification requirements leaflet.

On behalf of a child (as a trustee)

An account can be opened by a parent or relative as a trustee for a child of any age if the parent or relative makes an initial deposit from an account held in their name. Applicants (the parents or relatives) must each have their identity verified in accordance with the information provided in the Savings account identification requirements leaflet specified for individual’s identification requirements. The application should be accompanied by a Birth/Adoption certificate (original only), NHS Medical Card or National Insurance notification letter.

How we pay interest

Interest will be credited to your account on 31 December each year

An annual statement will be sent to you in January

For details of our interest rates please read Current savings rates and charges

If requested, interest can be paid direct into your bank account in January each year (minimum £25) or to another account with the Society

We may vary the interest rate on your account from time to time – please see Saving with Ecology – general terms and conditions for more details

Operating an account: withdrawals

Withdrawals must be for a specified amount unless the account is to be closed

The minimum withdrawal amount is £5

If a withdrawal would take the account balance below the required amount to keep the account open (£25), the account will have to be closed

Withdrawals can be requested by using a Withdrawal notification form or by sending us a letter signed by whoever is authorised to operate the account

Withdrawals can also be requested online via our Interactive facility (restrictions apply)

Operating an account: deposits

The minimum deposit is £5

You can save monthly by Direct Debit or standing order (the minimum amount payable by Direct Debit is £10)

Deposits can be made by cheque through the post or by transfer via the banking system

For home renovations: C-Change retrofit discount

For homes needing extensive renovations / energy efficiency improvements: C-Change retrofit

The C-Change retrofit scheme offers a discount of 0.25% from our Standard Variable Rate for each rating improvement in your home's Energy Performance Certificate (EPC). This could be either its Energy Efficiency or Environmental Impact rating - whichever is the highest.

For example, if either EPC rating improves from E to C after the works to the property are completed, a discount of 0.50% will be available on the whole of the mortgage, for the duration of the loan. The discounts are deducted from our Standard Variable Rate (currently 4.90% - the overall cost for comparison is 5.1% APRC).

Energy Standard

Passivhaus

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Ratings

Passivhaus

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SVR

4.90%

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Discount %

1.25%

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Variable Mortgage Rate

3.65%. The overall cost for comparison is 5.1% APRC

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