Bank of England Base Rate Change

On 2nd August 2018, the Monetary Policy Committee (MPC) voted to increase the Bank of England (BoE) Base Rate from 0.50% to 0.75%.

I'm a mortgage account holder

What does this mean for me?

We have considered our position on how this change will affect our mortgage customers, balancing the needs of our customers and the Society.

Standard Variable Rate

We will not be increasing our Standard Variable Rate (SVR) following the Bank of England Base Rate rise. Our SVR remains at 4.99%. All fixed rate mortgages will be unaffected.

Tracker Rate

If you're an existing customer with a base rate tracker, we'll be updating your interest rate in line with the terms from 9th September. Monthly payments will be changed when we complete our annual review in December, and will take effect in March. To amend your payment before then:

  1. Complete our simple online payment recalculation request form or
  2. Call our Customer Contact Centre on the General Enquiries number and speak to one of our agents who will be able to arrange your payment to be updated.

I'm a savings account holder

What does this mean for me?

We put all of our variable savings rates up by 0.25% in response to last year’s base rate increase. We review our savings pricing regularly and this tells us that the rates we’re offering across our range of savings accounts are still competitive today even after this second base rate rise as most of our competitors have been much less generous

We will continue to monitor our range of savings products to ensure we offer fair and sustainable value, and will advise customers of any changes we make.

When could the base rate change again in the future?

The base rate will change when the Bank Monetary Policy Committee determines that the UK economy needs to adjust to remain stable and sustainable.

The Bank of England’s Monetary Policy Committee regularly reviews the base rate (presently eight times a year) to determine whether a change is required.

What happens if the Bank of England Base Rate changes again?

We would need to review the impact of any further Bank rate changes in the context of the market and other economic factors at any such time.

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