What the Bank of England’s base rate change means for you

On Thursday 3 August, the Bank of England announced a 0.25% increase in base rate from 5.00% to 5.25%.

As a proud mutual building society, we’re committed to being fair to all our members. The changes to our Mortgage Standard Variable Rate (SVR), Bank Base Rate Tracker Mortgages and Savings Rates are shown below.

SVR

Our SVR will increase by 0.25% from 7.99% to 8.24%, with effect from 1 October 2023.  If you are affected by this change, you’ll be contacted by letter to explain your new interest rate and monthly payments. You’ll start paying your new monthly amount on your usual payment date during October.

The cost of living in the UK continues to rise, resulting in many people starting to feel the financial pressure as household bills and everyday expenses continue to increase. If you have a mortgage with us and you’re worried that these increases are starting to impact you, we have a dedicated team on hand to offer you support. Please call us on 0808 168 8570.

Bank Base Rate Tracker Mortgages

Mortgages which are directly linked to and track the Bank Base Rate have increased by 0.25% on 1 September 2023.

Savings Rates

Interest rates on all of our variable rate savings accounts are increasing with effect from 1 October 2023. 

Please click here to see our new savings rates.