Bank of England Base Rate Increase
Following the Bank of England’s (BoE) announcement on 2 November 2017 that it will increase the Bank Base Rate (BBR) from 0.25% to 0.50% the Society's current position is detailed below with further announcements to follow in due course.
Bank of England Tracker Rate Mortgages
The Society will increase the interest rate on Bank of England Base Rate Tracker mortgage products on 6 November 2017, in line with the terms and conditions relating to each Tracker mortgage account. All Tracker mortgage customers will receive written confirmation of the rate change and the impact on their monthly mortgage payments at least 10 days before their monthly payment is due.
Fixed Rate Mortgage Products
Customers with Fixed Rate mortgage products are unaffected by the rate change.
Standard Variable Rate (SVR)/ Discounted Variable Rate Products
For customers on the Society’s SVR, or a mortgage product directly linked to the Society’s SVR (eg a discounted variable rate product), the Society is currently assessing the impact of the Bank of England change and a further announcement will be made in due course.
Bank of England Tracker Rate Savings
We are increasing the interest rate on Bank of England Tracker savings products by 0.25% on 6 November 2017, in line with the terms and conditions relating to Tracker savings accounts. Tracker savings customers benefitting from the rate change are being notified of the rate change within 30 days of the change, in line with their account terms and conditions.
Fixed Rate Savings Products
Customers with Fixed Rate savings products will be unaffected by the rate change.
Other Savings Products
The Society is currently assessing the impact of the BoE rate change and any interest rate adjustments that may apply to our savings accounts generally, including the effective date of any rate change. A further announcement will be made in due course.
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