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General: Lower mortgage rates for "Greener" homes?

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1 to 19 of 19

  1.  
    • CommentAuthorchriskemp
    • CommentTimeJul 27th 2012
     
    What a cracking idea... these guys offer reductions on mortgage rates the lower/more energy efficient your home is.
    They also appear to support self builders.

    Thought this maybe of interest to anyone looking to finance a self build?

    (I am not affiliated in any way, but hope to use them on a number of fronts!)
  2.  
    Don't worry Chris, you couldn't be seen as promoting them....
    • CommentAuthorchriskemp
    • CommentTimeJul 27th 2012
     
    I think its a good idea. So don't mind making others aware. Just wanted cover my @rse!
    • CommentAuthorJoiner
    • CommentTimeJul 27th 2012
     
    Promoting who? :confused::confused:
  5.  
    Quite! :bigsmile:

    Go on, Chris, tell us!
    • CommentAuthorchriskemp
    • CommentTimeJul 27th 2012
     
    ha!
    shiit forgot the link!!!!!

    here goes.

    http://www.ecology.co.uk/mortgages/c-change-sustainable-homes/

    (I'm too hot and can't be bothered)
    • CommentAuthorRobinB
    • CommentTimeJul 27th 2012
     
    They've been doing it for a long time now!
    •  
      CommentAuthordjh
    • CommentTimeJul 27th 2012
     
    ... and the Catch-22 over their support for self-builders has already been discussed.

    http://www.greenbuildingforum.co.uk/newforum/comments.php?DiscussionID=8925

    (that said, I do think they do good work, and I am a member)
    •  
      CommentAuthorSteamyTea
    • CommentTimeJul 29th 2012
     
    I fail to see how the risk (judged by the interest rate) for an 'ECO/Green/Low Carbon" home is lower for the occupants than a similar sized place that is ordinary. I suspect that it is just am invitation to treat rather than a genuine offer if all other things are equal.
    •  
      CommentAuthorfostertom
    • CommentTimeJul 29th 2012
     
    I agree that there's no sound reason to offer a lower rate for an eco house - but it's not a matter of risk? Just of finance cost. Mortgage rates aren't a pricing of risk - they're not insurance policies.
    • CommentAuthorPugliese
    • CommentTimeJul 29th 2012
     
    Used to be involved in risk management and credit scoring for loans and whilst there may be no sound reason, it will probably be built into the credit scoring that the profile of someone buying an energy efficient house is likely to be a better risk. There is also value, the property is likely to be more saleable/hold value and therefore be a better risk.
    • CommentAuthorchriskemp
    • CommentTimeJul 29th 2012
     
    I would imagine that there is an angle of "ethical investing" here too.
    A bit like triodos bank
    • CommentAuthorRobinB
    • CommentTimeJul 29th 2012 edited
     
    Posted By: SteamyTeaI fail to see how the risk (judged by the interest rate) for an 'ECO/Green/Low Carbon" home is lower for the occupants than a similar sized place that is ordinary.

    They should be spending less on fuel so have more left to pay the mortgage.
    •  
      CommentAuthorDamonHD
    • CommentTimeJul 29th 2012
     
    These could be owners more likely to take a long view and have resources to so do, and thus more resilient to life's shocks that could drive other owners into arrears?

    Rgds

    Damon
    •  
      CommentAuthorSteamyTea
    • CommentTimeJul 29th 2012
     
    I think the market place favours traditional buildings not out of the ordinary ones, and I fail to see how the type of building you live in affects your future career.
    What rates are they offering? Are they really cheaper over the normal 25 to 30 year period? Do they require a very large deposit?
    •  
      CommentAuthordjh
    • CommentTimeJul 30th 2012
     
    Posted By: SteamyTeaI fail to see how the risk (judged by the interest rate) for an 'ECO/Green/Low Carbon" home is lower for the occupants than a similar sized place that is ordinary. I suspect that it is just am invitation to treat rather than a genuine offer if all other things are equal.

    I think you're rather missing the point. Their reason for existence, paraphrased from http://www.ecology.co.uk/about/ is to save resources, and improve building and buildings. Providing cheaper mortgages (or indeed any mortgage at all) for eco-builds is one way they do that. Managing the risks is just a constraint on their actions, not the defining purpose of them. Their "mission" is the reason I support them, not any special way they exploit, or fail to exploit, the detailed risks.

    What rates are they offering? Are they really cheaper over the normal 25 to 30 year period? Do they require a very large deposit?

    You can look at their website just as well as the rest of us :devil:
    •  
      CommentAuthorSteamyTea
    • CommentTimeJul 30th 2012
     
    "If you're building or buying an eco-home, our sustainable homes discount could offer a discount of up to 1.25% from our Standard Variable Rate (4.90% - the overall cost for comparison is 5.1% APR). "

    Compared to:
    http://www.moneysupermarket.com/mortgages/?source=GOO-2913B1ED&p=0&keywords=mortgage+ratesExact&ef_id=fFJQFpt8dbwAABuB:20120730143436:s

    Where it goes from 2.99% (APR 4.8%) to 2.85% (APR 5.5%)

    They lend about 2.5 times income and you seem to need somewhere between 15 to 50% deposit.

    So as I said earlier, an invitation to treat.
    • CommentAuthorchriskemp
    • CommentTimeJul 30th 2012
     
    All adverts are an invitation to treat....
    Either party can walk away at any point until the point of actual sale or contract being entered into.
  19.  
    They are a lender who you can speak with who understand what they are talking about when you phone them and speak about your build, you speak with an underwriter who has looked in detail at your plans/finances, not just a person whose sole job it is to answer phones - they aren't a mainstream lender and don't pretend to be. Not many people interested in lending if you want to self build anything that isn't strictly brick/block or timber frame.

    Their interest rate isn't linked to BoE base rate or anything else - they pay interest on their savings with the money lent out on their mortgages - proper building society.

    (speaking as one who hopes to be taking advantage of this discount once a house is up with a shiny new "A" SAP cert :bigsmile:)

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