On 1 August 2024, the Bank of England decreased 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 mortgage and savings products.
We are decreasing our Residential Standard Variable Rate by 0.20% and our Buy To Let & Commercial Standard Variable Rates by 0.25% from 1st October 2024 as follows:
For mortgages that have a Discounted Variable Rate product linked to SVR, rates will decrease by 0.20%.
For mortgages that have a Discounted Variable Rate product linked to BTL SVR or CVBR, rates will decrease by 0.25%.
No. You will be unaffected by the change if you have a Fixed Rate mortgage product. The interest rate will remain the same on your product until it reaches the end of its term. We will then contact you around that time to discuss your options.
If you have a mortgage product that directly tracks the Bank of England base rate, your interest rate will change in line with the 0.25% decrease from 1st September 2024. We will write to customers impacted by this change during August 2024 with details of their new monthly payment which will be due at the end of September.
Yes. If you have a Residential mortgage product on a Discounted Variable Rate or Standard Variable Rate, your interest rate will decrease by 0.20% from 1st October 2024. We will write to customers impacted by this change during September 2024 with details of their new monthly payment which will be due at the end of October 2024.
Yes. If you have a Buy To Let or Commercial mortgage product on a Discounted Variable Rate or Standard Variable Rate, your interest rate will decrease by 0.25% from 1st October 2024. We will write to customers impacted by this change during September 2024 with details of their new monthly payment which will be due at the end of October 2024.
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 product until it reaches the end of its term. We will then contact you around that time to discuss your options.
We will be reducing rates on our personal variable rate savings products between 0.05% and 0.25% from 2 October 2024.Click here for more information.
We will be writing out to existing customers from 10 September 2024 confirming these changes.
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 be contacted separately to explain how the base rate decrease will affect them.