Important information - changes to our Standard Variable Rate
As you will be aware, Bank Rate increased on Thursday 17 March from 0.50% to 0.75% and then again on Thursday 5 May from 0.75% to 1.00%. Following a review of our Standard Variable Rate (SVR), the Society will increase its SVR by 0.50% from 4.09% to 4.59% for new customers with effect from Tuesday 17 May 2022.
Customers who are currently on a discounted variable rate or SVR
We will be writing to existing customers who are currently on a discounted variable rate or SVR advising them of their new mortgage rate and payment. Their new rate and payment will be effective from Friday 1 July 2022.
What does this mean for pipeline business?
Any business that has been submitted on a discounted variable rate product will be impacted by the increase to SVR.
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