Second-Party Opinion Download

MORhomes has developed the MORhomes Sustainable Bond Framework dated June 2025, under which it intends to issue social and sustainability bonds, and other financial instruments. The Company will lend the proceeds from the instruments to registered non-profit housing associations in the UK to fund projects in one green and one social category. We have assessed the Sustainability Contribution of the Framework as Significant based on the Sustainability Contribution of the Framework’s two use of proceeds categories. As per our methodology, we have applied equal weighting across categories.

Regarding environmental expenditures, MORhomes intends to finance new residential buildings that will be positioned among the best energy-performing buildings in the UK. The financed buildings will not be fossil fuel-free in relation to on-site energy generation, a key consideration for achieving net zero emissions in the building sector by 2050. Nonetheless, these investments are expected to significantly support the buildings sector’s decarbonization in the country.

MORhomes intends to invest in the construction and refurbishment of affordable housing in the UK in accordance with the UK government’s definitions of Social and Affordable rents. The definitions incorporate income thresholds that are higher than the country’s median household income, reflecting a broader target population. In addition, the rents under the schemes are capped at no more than 80% of market rates, ensuring affordability for the target population. Although these schemes do not exclusively target low-income groups, they target a well-defined population whose housing needs are not met in the existing market. Overall, investments under this category will significantly contribute to improving access to affordable housing in the UK.

We have assessed the Framework as Aligned with the Green Bond Principles 2021, Social Bond Principles 2023 and Sustainability Bond Guidelines 2021.