Notice of Standard Variable Rate Increase - Effective 1st September 2022
Following the recent Bank of England Bank Rate increases and after careful consideration, we have decided to increase the standard variable rate (SVR) on our mortgages to ensure we continue to operate efficiently and protect the Society for the future. Whilst we understand this will be disappointing for you, we remain committed to providing competitive savings and mortgage products.
Passing on interest rate rises to borrowers is a difficult decision to make, especially when so many of our members are facing such a challenging economic climate. However, we must have a balanced approach to ensure we consider the impacts to all members and remain a sustainable business.
We have not passed on the increases in Base Rate seen since February 2022, even though the rate increased in March, May and more recently in June.
The Society will increase the SVR on all existing mortgage accounts on 1st September 2022. SVR on Tracker mortgages will increase on 1st August 2022.
These changes are in line with our General Terms and Conditions for Mortgage Accounts, and we will be writing to affected account holders to give notice.
