On 2 November 2017, the Bank of England announced an increase in Base Rate from 0.25% to 0.50%. Following this, we’ll be increasing the variable rates on our savings and mortgage accounts effective 1 December 2017. Once we have full details of the changes to our accounts, we will be updating our website. You can also follow us on Facebook and Twitter and we will keep you updated there too.
Heather Crinion, General Manager (Operations) said;
As a mutual building society, we are committed to giving our savers the best value we can which is why we’re working hard to implement the changes as quickly as possible. We recognise that an interest rate increase will come as a disappointment to our borrowers and the corresponding impact on monthly household budgets
What does it mean for saving members?
It’s been a tough few years for savers so we’re delighted to be able to pass on the Bank Rate increase to our variable saving account holders. We will be writing to all members regarding these changes prior before the 30 November as the updates will be effective from 01 December 2017.
If you would like to find out more, please visit our Savings Frequently Asked Questions
If your current product isn’t live in branch or online and would like to know more about what’s been affected please download our ‘Closed Issues booklet’
What does it mean for borrowing members?
We’ll be increasing our variable mortgage rates by 0.25% with effect from 1 December 2017.
How will the changes affect me?
- Base Rate Tracker
The interest rate moves by the same amount and in the same direction as any change to the Bank of England base rate. If you have a Base Rate Tracker mortgage we’ll write to you to confirm the new interest rate and monthly repayment before the effective date and no later than the 30 November 2017.
- Discounted variable
Although the interest rate on your mortgage isn’t directly linked to the Bank of England base rate, the Society has decided to increase all our variable rate mortgage rates by 0.25%. We will write to you can confirm the new interest rate and monthly repayment no later than the 30 November 2017.
- 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.
If you would like to find out more, please visit our Mortgage Frequently Asked Questions