Leek United increases Standard Variable Rate (SVR)
Following the Bank of England’s base rate increase of 0.25% on 2 November 2017, Leek United has taken the decision to change its Standard Variable Rate (SVR) from 5.19% to 5.44% with effect from 1 December.
All mortgage products linked to our SVR will be changing from 1 December.
What does this mean for me?
This change – the first upwards move for a decade – will affect all those mortgage customers who have taken out variable rate mortgage products: Discounted Mortgages and those borrowers currently or SVR.
If you currently have a fixed rate mortgage, there will be no change. Your interest rate and monthly mortgage payments will stay the same until your fixed rate mortgage product period ends. Once your mortgage product period is coming to an end, we’ll write to you to let you know what options will be available to you.
Communicating the changes…
We are currently in the process of writing to all mortgage customers advising them of the changes, and informing them of their new interest rate and monthly mortgage payment amount. We expect customers to receive their letters from 24 November onwards.
Customers in the process of completing a variable rate mortgage will also receive a letter notifying them of the new interest rate.
Those customers currently on a fixed rate which is due to come to an end shortly will also receive a letter outlining what options will be available to them at the end of their fixed rate term.
What do I need to do?
If you are worried about the new mortgage payments outlined in your letter, we’re here to help.
You can contact your local Leek United Branch and arrange an appointment with one of our Qualified Mortgage Advisers (QMAs), or ask to speak with a member of our Mortgage Administration team. Either way, we’ll talk through all the different options open to you and how best we can support you.
If you have any questions or concerns in the meantime, please contact your local branch.