Notification of interest rate change
With effect from 1st January 2010, the Society's Standard Variable Rate (SVR) increased to 5.95%. All borrowers with mortgage products linked to the Society's administered rate (SVR) have received personal notification of the change to their contractual mortgage repayment.
The Society has determined that the rate charged is appropriate and balanced in relation to the benefits afforded to all members. The change announced to the SVR follows reductions made to saving rates in October.
In arriving at the decision to adjust interest rates, the Society was very mindful of the impact this would have on existing borrowers. Please be assured that the decision was not taken lighly, but based on the very significant challenges presented by a sustained low interest rate environment.