Bank of England Base Rate
On 2nd August 2018, the Monetary Policy Committee (MPC) voted to increase the Bank of England (BoE) Base Rate from 0.50% to 0.75%
What does this mean to me?
We have considered our position on how this change will affect our mortgage customers, balancing the needs of our customers and the Society.
Standard Variable Rate
We will not be increasing our Standard Variable Rate (SVR) following the Bank of England Base Rate rise. Our SVR remains at 4.99%. All fixed rate mortgages will be unaffected.
Mortgage holders with a base rate tracker will have their interest rate updated in line with the terms from 9th September. Monthly payments however will be changed when we complete our annual review in December, and will take effect in March.
Mortgage holders who wish to amend their payment before then should complete our simple online payment recalculation request form
When could the base rate change again in the future?
The base rate will change when the Bank Monetary Policy Committee determines that the UK economy needs to adjust to remain stable and sustainable.
The Bank of England’s Monetary Policy Committee regularly reviews the base rate (presently eight times a year) to determine whether a change is required.
What happens if the Bank of England Base Rate changes again?
We would need to review the impact of any further Bank rate changes in the context of the market and other economic factors at any such time.