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:
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
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 increasing all our residential and commercial standard variable rates (knowns as SVRs) by 0.25% from 1 June 2022 as follows:
As a result of these SVR changes, those mortgages who have a discounted variable rate product linked to SVR will see a rate increase of 0.25%.
No. The increase in our residential standard variable rate (SVR) will not apply to you if you have a fixed rate mortgage product. Your current interest rate will remain the same until you reach the end of your fixed term period, when we will write to you to discuss your options.
If you have a mortgage product that directly tracks the bank base rate, your interest rate will change in line with the 0.25% increase from 1 June 2022. We will be writing to those customers who this applies to during May 2022 with details of their new monthly payment which will be due at the end of June.
Yes. This increase will mean a change to monthly mortgage payments due at the end of June 2022. A letter will be sent to those customers to whom the change applies to during May 2022.
Yes. See above
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.
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.
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