Base Rate Change

Thursday, 2nd August 2018

Following the Bank of England’s decision to increase the Base Rate by 0.25% to 0.75%, we will be making the following changes to our Savings and Mortgage products:

Savings (variable rate only)

We will be increasing rates on our open and closed issue savings accounts by between 0.15% and 0.25% with effect from 1st September 2018. Details of these increases can be viewed via the following link.

Please note, our Cash ISA Issue 12 will become a closed issued from 31st August 2018. This account will not be available to open after this date. ISA Issue 13 will commence from 1st September 2018.

Current Account credit interest rates and overdraft rates will remain unchanged.

Mortgage (variable rate only)

We will be increasing our variable mortgage rates as follows, which will take effect from 1st September 2018:

  • Standard Variable Rate (SVR)-increased by 0.25% from 4.49% to 4.74%
  • Commercial Variable Base Rate (CVBR)-increased by 0.25% from 4.99% to 5.24%
  • Buy-to-let Standard Variable Rate (BTL-SVR)-increased by 0.25% from 5.40% to 5.65%

We will be writing to those customers who have a mortgage product affected by these changes with further details before the end of August.

These changes will not affect fixed rates. If you have a fixed rate mortgage, your rate will remain the same until you reach the end of your fixed term period.