On 6 February 2025, 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 currently considering our approach to changes for our Residential, Buy To Let & Commercial Standard Variable Rates and will communicate any changes in due course.
For those mortgages that have a Discounted Variable Rate product linked to SVR, BTL SVR or CVBR, changes will be communicated in due course.
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 March 2025. We will write to customers impacted by this change during February 2025 with details of their new monthly payment which will be due at the end of March 2025.
We are currently considering our approach to changes for our Residential Standard Variable Rate and will communicate any changes in due course.
We are currently considering our approach to changes for our Buy To Let Standard Variable Rate/Commercial Variable Base Rate and will communicate any changes in due course.
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 are currently considering our approach to changes for our savings rates and will communicate any changes in due course.
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.