Mortgage Rate Increases
Today, we’re increasing the interest rates across our mortgage accounts. This follows the Bank of England increasing the base rate on 22 June 2023.
Why the change?
It wasn’t an easy decision as we’re committed to helping as many people as possible to build or renovate sustainably.
Since December 2022, the Bank of England base rate has risen by 1.50% and this is the first time we’re increasing our mortgage rates. We’ve increased our savings interest rates three times this year and will continue to do the best we can for all Members.
You can see the full details of the new interest rates below:
|Old Interest Rate||New Interest Rate|
|Community-led housing||5.39% - 7.39%||6.14% - 8.14%|
|Housing developers’ mortgage||6.29% - 8.29%||7.04% - 9.04%|
|Charities and community groups mortgage||5.79% - 7.79%||6.54% - 8.54%|
|Sustainable business mortgage||5.79% - 7.79%||6.54% - 8.54%|
|Offsite build arrears||5.54%||6.04%|
|Offsite build advanced||6.04%||6.54%|
We’ve already written to Members affected by these changes with details of their new monthly payment from today.
Help and support
We know that circumstances can change. If you’re worried about making your mortgage payments, please contact us as soon as possible so we can help. The sooner you contact us, the sooner we can help you. Speaking to us won’t impact your credit score.
We recently signed the new government mortgage charter. We did this because we want our Members to know that we’re there to help if they need us.
We want to help to deliver a fair and sustainable future for all, building a greener society has never been more important or more urgent. We’ll continue to find ways to support individuals and communities to tackle the climate crises.
Published: 1 August 2023
Author: Laura Baines