On 2 August 2018, the Bank of England announced an increase in its Base Rate from 0.50% to 0.75%. We are currently determining what this change means for our mortgage and savings members and we’ll update our website with more information as soon as possible. You can also follow us on Facebook and Twitter and we will keep you updated there too.
Borrowing members – how will the changes affect me?
- Base Rate Tracker Mortgage
The interest rate moves by the same amount and in the same direction as any change to the Bank of England base rate. Most Base Rate Tracker mortgages have already reached their minimum floor rate and won’t see an increase until the Base Rate has passed this rate. If your mortgage interest rate is due to change, we will write to you to confirm the new interest rate and monthly repayment before the effective date and no later than the 31 August 2018.
- Fixed Rate Mortgage
If your mortgage is on a fixed rate then the interest rate won’t change and your repayments will remain the same. Your interest rate may change in the future after you fixed rate term ends and we’ll tell you about this before your mortgage product comes to an end to review your mortgage product options.
- Discounted Variable Rate Mortgage
The Society is currently reviewing the impact for our discounted variable rate borrowers. We’ll update our website and write to you to confirm any new interest rate and new monthly repayment before the effective date.
Saving members – How will the changes affect me?
- Fixed Rate Savings (including bonds & ISAs)
If your savings are on a fixed rate then the interest rate won’t change for an agreed length of time.
- Variable Rate Savings
The Society is currently reviewing the impact for our variable rate savers. We’ll update our website and write to you to confirm any new interest rate before the effective date.