Bank of England Base Rate Changes – Impacts for our Mortgage & Savings Customers
2nd April 2020
As you may be aware, the Bank of England recently announced two reductions in the bank base rate due to the threat posed by coronavirus (COVID-19) to the UK economy. On 11 March, base rate was reduced by 0.50% to 0.25% and on 19 March, a further cut of 0.15% was applied, bringing the rate to 0.10% which represents the lowest ever level in the Bank of England’s history.
As a proud mutual building society, we are committed to being fair to all our members and to continuing to provide value-for-money products at rates that are competitive and sustainable.
We wish to advise that we will reduce our standard variable mortgage rate by 0.50% to 5.19% from 1 May 2020. If you are a current member who will benefit from this reduction, we will shortly write to you to inform you of your reduced monthly repayments.
While we have had to make the difficult decision to reduce our savings rates due to the base rate cuts by the Bank of England, we have limited our reductions to a maximum of 0.50%. In fact, for the majority of our accounts the reduction will be just 0.15%. Therefore, our savings rates will remain competitive. If you are a current saver with us and you are affected by these changes, we will shortly write to you. Click here to see the new savings rates which will come into effect from 16 April 2020.
If you would like to speak to us about how these changes affect you, please see our contact details below:
Mortgage customers: call free on 0800 783 0847 or email: firstname.lastname@example.org
Savings customers: call free on 0808 281 9308 or email: email@example.com Back to news