Looking for Ipswich Building Society? We’ve changed our name! Find out more. | Cast your vote in the British Bank Awards – click here.

Trevor Slater, Finance Director responds to the Bank Base Rate rise announced by the Bank of England

Written by Ipswich Building Society

5 Aug 2018

Tags

Bank of England, Base rate, Mortgages, Savings, SVR

1 min read

On Thursday 2 August 2018 the Bank of England took the decision to increase the Bank Base Rate for the first time in 2018 to the highest level since 2009, by 0.25% to 0.75%. This rate change will be applied to the Society’s Standard Variable Rate (SVR) for mortgages with effect from 1 September. Variable rate savings products are being individually reviewed with increases to follow.

We operate a straightforward business model, balancing the money we take in from savers and that which we lend out to borrowers. Following the Bank of England’s announcement we are implementing the change to our SVR mortgage rate and will be reviewing our savings rates in order to balance the interests of our members.

We continue to support members with savings goals along with those who may wish to buy a home or remortgage but find themselves ‘mortgage misfits’, left out by the automated decision-making of other lenders. By using our personal approach to underwriting we are able to offer choice while retaining a diligent approach to lending.

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

Found this useful? Why not share

Keep informed and get involved.

Keep Informed

Sign up to our newsletter.

Our blog contains the latest goings-on and updates across the Society and you can follow us on Facebook, Twitter, LinkedIn or Instagram. Exclusively for our members we offer a monthly email round-up of must have stories and latest news, so sign up today.










    KEEP UP TO DATE

    Latest news and information

    Our blog contains the latest goings-on and updates across the Society and for members we offer a monthly roundup of must-have stories and latest news in our Freehold Post email newsletter.

    For announcements, alerts or tips follow us on Facebook, Twitter, LinkedIn or Instagram – we’re (almost) everywhere!

    Your browser is out-of-date.

    Welcome to our new website. This site is not fully supported in Internet Explorer.
    Please download one of the browsers below to continue using this website.

    • Google Chrome
    • Microsoft Edge