Issues with some online forms
Some of our forms are currently slow or unresponsive. These include forms for Council Tax, business rates and Housing Benefit. Our team is working to resolve this.
Back
Service charge loan
Find out about our loans to cover high major works costs. Things to consider before applying for one. How to apply.
Mortgages and interest
We only offer our own non-portable mortgages which means you are not allowed to transfer the mortgage to another property.
We’ll charge interest on the amount you borrow. Your repayments will go towards the interest and capital.
The interest rate for this type of loan is variable and tracks the Bank of England base rate.
The rate varies depending on which product you take:
- resident repayment discretionary loans: +2.5% above the Bank of England base rate
- non-resident repayment discretionary loans: +4% above the Bank of England base rate
- voluntary lifetime discretionary loans for exceptional hardship: +2.0% about the Bank of England base rate
Your repayments will go towards the interest and the capital.
For the voluntary lifetime discretionary loan, no repayments are due until any of the following happen:
- death of the last surviving leaseholder
- sale of the property
- potentially remortgaging
The interest is not compounded (you do not pay interest on the interest).
We charge ‘simple’ interest which is calculated annually, applied monthly, but applicable daily.
Which loan (if any) we offer you will depend on your circumstances.
The residential and non-residential loans depend on affordability.
The lifetime loan is for those experiencing exceptional hardship.
Interest rate changes
When the Bank of England changes its rates (up or down) we’ll contact you with the new rate and your monthly repayment, if applicable.
You’ll need to adjust your standing order. We cannot do this for you.