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Bank of England increases base rate

3rd February 2022

On Thursday 3 February 2022, the Bank of England announced a 0.25% increase in its base rate from 0.25% to 0.50%.

Following this announcement we’re increasing our Standard Variable Rate in line with the Bank of England rate change. This means that our Standard Variable Rate will increase from 5.19% to 5.44% from 1 March 2022.

Any mortgage members affected by this change will be contacted by letter. This letter will explain your new interest rate and monthly payments. You’ll start paying your new monthly amount from March 2022, on your usual payment date.

As a proud mutual building society, we are committed to being fair to all our members and we’re currently in the process of reviewing our savings rates.

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