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Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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09 Apr 2020

Great News for Mortgage Members - Society Decreases Standard Variable Rate (SVR)

Today the Society has announced it will be decreasing SVR by 0.50% on 1st June 2020 for all mortgage members.

The whole team at the Society feels, as a member led mutual passing on the decrease following the Bank of England’s announcement’s in March is crucial in continuing to support our members during this period of extreme uncertainty, as it has done for over 150 years.

In this unprecedented world our members live in right now, it is hoped that this will provide some much-needed good news.

SVR will decrease from 5.24% to 4.74% as a result of this decision.

Will Carroll, CEO, commented:

“Following the Bank of England’s announcement to cut the Bank Rate twice in March, the Society’s leadership team has carefully looked at its position, along with keeping our members’ best interests at the forefront of our minds. Supporting our members in what is an incredibly stressful and worrying time has been and will continue to be our number one priority. Passing on the decrease to our mortgage members will hopefully help in some small way.”

“The society has gone from strength to strength over the last 150 years, putting its members at the heart of everything it does. I am proud to be a part of a business that has such a strong heritage, and member focus.”