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Update following Bank of England Base Rate change

Written by Joanne Leek

27 May 2022

Tags

Base rate, Interest rates

4 min read

5 May 2022 the Bank of England Base Rate increased by 0.25% to 1.00%, the fourth rate increase since the start of December. Here you will find information about the changes we are making to our savings and mortgage interest rates.

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, 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.

When we consider our response to base rate changes we take account of the potential impact on both mortgage borrowers and savings members. Bearing in mind the current situation with inflation, and the rising cost of living, we are particularly cognisant of the pressures on household finances for mortgage borrowers.

Mortgages
We will therefore not be increasing our Standard Variable Rate (SVR) in response to the Base Rate change.

For mortgage borrowers with a Base Rate tracker mortgage any Base Rate increase is applied from the start of the next calendar month, in line with the terms and conditions of the mortgage.

Savings
We have also reviewed our variable rate accounts and will be making a number of rate increases on a product-by-product basis, to ensure that our rates remain competitive. This includes adjustments to our currently available accounts and also closed issue (discontinued) accounts, which are no longer available to open but remain operational for existing account holders. These changes will be effective 14 June.

Alongside variable rate changes, we have taken the additional step to review fixed rate savings and will be introducing new fixed rate accounts on 1 June.

Full details of savings rates are available on our website, in our branches or by calling us on 0330 123 0723.

We’re here to help.
If you can’t find what you’re looking for, or would prefer to talk to us, we’re here! Simply get in touch with your local branch, email us at [email protected] or call us on 0330 123 0723.

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