Changes to variable mortgage and savings interest rates

Last updated Thursday 5 May 2022

On 5 May 2022, the Bank of England increased its base rate by 0.25%. This has an impact on the Society as it makes the cost of our funding more expensive.

In order to take account of this and remain competitive we will be making the following changes:

  • Bank base rate tracker rates will increase by 0.25% from 1 June 2022. Letters to customers impacted by these changes will be sent during May with details of their new mortgage payments due at the end of June.
  • Residential and commercial standard variable rates (SVR’s) will increase by 0.25% from 1 June 2022. Letters to customers impacted by these changes will be sent during May with details of their new mortgage payments due at the end of June.
  • We are still considering our approach to variable savings rates. Further information will be provided once our approach has been confirmed.
  • Current account credit interest rates and standard personal and business overdraft rates will remain unchanged.

Customers with fixed rate mortgages or savings products will be unaffected.

Please see the Frequently Asked Questions below for more information.

If you have any queries regarding these changes, please speak to one of our customer care advisors on 01228 403141

  • What is the Bank of England base rate?

    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.

Mortgage FAQs

Savings and Current Accounts FAQs

  • I have a fixed rate savings product, will my rate increase?

    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.

  • What are you increasing my savings/current account rates to?

    We are still considering our approach to Variable savings rates. Further information will be provided once our approach has been confirmed.

    Details of the new rates will be shown on our website once they have been agreed.

  • Will the rate increase impact overdraft rates?

    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