LEEK United has announced an increase in its Standard Variable Rate (SVR) for borrowers with effect from 1 December 2017.
The change – from 5.19% to 5.44% – is the first upward rise in mortgage interest rates for a decade, and follows the Bank of England’s decision earlier this month to raise the base rate by 0.25%.
John Kelly, Leek United’s Operations Director, said: “Even allowing for this increase, the Society’s mortgage products remain competitive and our Discounted Mortgages remain within the top 20 available across the marketplace.”
The Society is currently writing to its mortgage customers to advise them of the changes, which will affect those borrowers on variable rate mortgage products linked to Leek United’s SVR.
Rates and monthly mortgage payments will remain the same for customers with fixed rate mortgages.
Less than half of our mortgage customers will, in fact, be affected by the rate increase,” continued John. “However, for those who may be concerned about what the changes will mean for them, we would like to assure them that we are here to offer the best possible advice and support.
“Our Qualified Mortgage Advisers will be happy to discuss all options with them and customers can contact their local Branch.Back to news