On Thursday August 3rd 2023, the Bank of England announced its fourteenth increase to the bank rate since 2020, taking the base rate to 5.25%.
We know that this will be a worrying time for many of our members with mortgages, particularly those whose fixed rate is ending soon. We continue to offer support to existing customers who may be concerned about financial difficulty and encourage anyone who is concerned about meeting mortgage payments to talk to us as soon as possible so that we can discuss what options may be available to you.
For members who are worried about their fixed rates ending soon, we encourage you to look at our existing product range and get in touch if you want further advice. You can also contact your independent financial advisor or go to unbiased.com to find a provider if needed.
We are currently experiencing high demand through our telephone lines, and we would ask for your patience at this time.
Please remember, if the mortgage you have is on a fixed or discounted rate, this applies for the term of that product, so please don’t contact us too far in advance of the end of this term. This will help us to prioritise those members whose fixed rates finish earlier.
Any decision regarding our Standard Variable Rate (SVR) for mortgages remain under review and we will communicate if we pass on increases to members, in accordance with our General Terms and Conditions.
If you’re concerned about your finances, we have a list of organisations that can offer help and support, please click on our ‘Financial support and advice’ pages.
For members with savings, we want to pass on any movements swiftly and we continuously review our existing and new products. As a regional building society, we can respond quickly to market conditions.
Please check our savings product pages to check the rate of your existing products.