On 3 August 2023, the Bank of England increased its base rate by 0.25%. Please see below how this change will impact your savings or mortgage with the Cumberland.
This is the interest rate set by the Bank of England for lending to banks and building societies. Providers will use this, along with market position and cost of funding to help determine the interest rates for some savings and mortgage products.
We are not proposing any changes to our Residential SVR at this time, however, we are increasing our BTL SVR and Commercial Mortgage Variable Base Rates (CVBR)
For those mortgages that have a discounted variable rate product linked to our residential SVR there will be no change to rates at this time, however, if your Discount variable rate is linked to our BTL SVR or Commercial Variable Base rate (CVBR) these will increase by 0.25% effective 01 September 2023.
No. Your current interest rate will remain the same until you reach the end of your fixed term period, we will then write to you to discuss the options available to you.
No. We are not changing our Residential SVR at this time.
Yes. As we are making changes to our rates, we will write to customers impacted during August 2023 with details of their new rate which will be effective 01 September 2023 and details of their new monthly payments which will be due at the end of September 2023.
No. You will be unaffected by the change if you have a fixed rate savings product. The interest rate will remain the same on your fixed product until it reaches the end of its term. We will write to you around that time to discuss your options.
Open and closed issue variable savings rates will be increasing by up to 0.25% from 10th August 2023.
There are no changes to standard personal or business overdraft rates as a result of these changes. Business customers with individual negotiated overdraft rates will have been contacted separately to explain how the rate increase will affect them.