Changes To Our Mortgage Interest Rates
We are reducing our Standard Variable Rate (SVR) and other variable mortgage interest rates by 0.50% with effect from Friday 3 April.
This change will result in a reduction in the monthly mortgage payments for nearly all of Ecology’s borrowing members.
Against the backdrop of the huge changes to our daily life that we’ve all had to make, we’re remaining open and continue to support borrowers with projects that have a positive environmental and social impact.
We last reduced our variable mortgage rates in September 2016 when the Bank of England base rate had been reduced to 0.25%. The base rate was subsequently increased by the Bank of England in 2017 (to 0.50%) and 2018 (to 0.75%). On both of those occasions we chose not to change our borrowing rates in order to encourage and support our borrowers rather than responding to the Bank of England rate increases. This new change builds on that principle while recognising the unique nature of the challenge we all face in light of the pandemic.
Our mortgages are funded by our members’ savings and, when reviewing our rates, we need to balance the needs of our saving and borrowing members as we pursue our ecological mission.
We’re committed to supporting members who are worried about their finances as a result of coronavirus. If you are experiencing or foresee any financial difficulty, please get in touch as soon as you are able and we’ll be happy to discuss how we can support you.
Published: 2 April 2020
Author: Jennifer Whiteside