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Bank of England base rate increase

Written by Joanne Leek

17 Dec 2021

Tags

Bank of England, Rate change

3 min read

Following the announcement from the Bank of England to increase the Base Rate by 0.15% to 0.25% we can confirm we are working to implement the rate change across both our variable mortgage and savings product ranges.

We are aware you might have some questions about what this means going forward and how it could affect you, so everything you need to know is outlined below. We hope this helps clear things up, however if you would like to speak to someone further, please don’t hesitate to get in touch at: [email protected] or call us on 0330 123 0723.

Mortgages

Our mortgage Standard Variable Rate (SVR) will increase by 0.15% to 5.39%, effective 1 February 2022. Existing Base Rate tracker mortgage account holders will have the 0.15% increase applied from 1 January 2022, in line with their terms and conditions. In addition to our SVR increase we are working to review our currently available discount range products to ensure these remain competitively priced in the current mortgage market.

Savings

The majority of variable rate savings accounts will increase by 0.15% effective 4 January 2022. We will issue full information on the rate changes which will take place, including those for existing savings account holders, on Tuesday 21st December.

Mortgage or savings account holders with a fixed rate product will not have any changes applied.

Further information will be published on Tuesday 21st December on our website at www.suffolkbuildingsociety.co.uk and will be emailed to existing members.

Get in touch

If you have any questions about the rate change ahead of the detailed information being issued on Tuesday please get in touch with us either by contacting your local branch, calling us on 0330 123 0723 or emailing [email protected].

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