Existing Mortgage Members

The Standard Variable Rate (SVR) is the rate that we, as a mortgage lender, set after an initial deal period on a mortgage comes to an end. If you, the borrower, have not agreed a new mortgage deal then you will be charged our Standard Variable Rate.

The SVR is variable, so can move up or down, which means your mortgage payments could change each month, going up or down depending on the rate.

We use the Bank of England’s Base Rate (also known as Bank Rate) to set our SVR.

The Base Rate is set by the Bank of England’s Monetary Policy Committee. It takes several factors into consideration to help regulate the UK’s spending, reduce inflation and keep the economy stable.

For detailed information on the Bank of England’s Base Rate click here

Monmouthshire Building Society, the SVR and our Members

November 2023 – Update

On the 2^nd November 2023, the Bank of England announced that it was keeping the Base Rate at 5.25%.

We have continued to review our SVR, following the Bank of England’s decision to maintain the Base Rate at 5.25%. This rate is the highest it has been since 2008, with fourteen increases taking place since March 2020.

We have delayed passing on Base Rate rises to our members as much as possible. Since December 2021, we have only passed on increases when completely necessary and at a slower pace than the Base Rate increase. Our SVR has increased by 3.75%, whereas the Bank of England has increased the Base Rate by 5% during the same period. This is because as a mutual building society, we pass benefits onto our members with lower rates.  

However, we are now in a position that an increase to our mortgage SVR is needed. After careful consideration, the Society has taken the difficult decision to increase our SVR on mortgage accounts from 7.49% to 8.49%.

• This SVR increase will take effect for existing members from December 1^st, 2023.
• If you have a variable rate mortgage, your monthly payment will increase from December 1^st, 2023.
• If you have a fixed rate mortgage, your monthly payment will not change.

We have written to all affected customers and would remind those on standard variable rate (SVR) that we have a variety of fixed and discounted products available which may be more suitable.

We realise these are challenging times for members, colleagues and our communities and would like to remind anyone who is struggling to meet their mortgage payments to [contact us] as soon as possible. We have signed up to the Government Mortgage Charter and have a range of options.

If you are concerned about making your payments or would like further help and advice on financial support click here for organisations that can help.

Our 2023 Base Rate Updates can be found below

Bank of England Base Rate - September 2023 Update

Bank of England Base Rate Increase – August 2023 Update

Bank of England Base Rate Increase – June 2023 Update

Bank of England Base Rate Increase – May 2023 Update

Bank of England Base Rate Increase – March 2023 Update

Bank of England Base Rate Increase December 2022 – MBS SVR Rise in Response to this - February 2023

Bank of England Base Rate – December 2022 Update

For further Bank of England Base Rate change information in 2022 please visit our blog

When your current mortgage deal is coming to an end, we’ll write to you about switching your rate.

Your letter will tell you how you can switch.

If you've received your letter and it says you can switch your mortgage rate online, you can do this here - make sure you have your login details included in your letter to hand:

Switch Online

If your letter doesn't say you can switch online, or if you'd just prefer some guidance, our Mortgage Advisers can help you make the switch.

If you aren't coming to the end of your deal yet, you may be able to switch early, but you may have to pay an Early Repayment Charge to exit your current deal. Speak to one of our Advisers to discuss your individual circumstances.

If you are currently on our Standard Variable Rate, you can switch your rate, please request a call back using the button below.

We give our mortgage customers plenty of options if you want to move home.

It’s a good idea to speak with a Mortgage Adviser if you’re thinking about moving, as they’ll be able to identify the option that’s best for you.

If it’s in your best interest to keep your existing rate, you may be able to take your current mortgage product with you to your new home – also known as porting your mortgage.

Another option is to change your mortgage product when you take out the mortgage on your new house.

Bear in mind though:

Unless you’re currently on our Standard Variable Rate (SVR) or you’re nearing the end of your current deal, you’ll usually have to pay an Early Repayment Charge to change your product.

If you do decide to change your product, all our House Purchase mortgages are available to existing customers.

You can request a call back using the button below.

We offer the ability for our members to apply for additional borrowing, subject to affordability and eligibility criteria.

You can request a call back using the button below.

If you are looking to add or remove someone from the mortgage, you will need to speak to a mortgage adviser to discuss what this means for you and the person being added to the mortgage. This will include a review of your finances to check that the mortgage remains affordable.

You can request a call back using the button below.

If you want to pay off your mortgage you will need to request a redemption statement.

If you would like to receive your redemption statement via email, please call our Mortgage Servicing team on 01633 844 370. The team will arrange a password with you before we send out your redemption statement via encrypted secure email. 

If you would like to receive your redemption statement by post, please fill in this form. Your statement will be sent to the correspondence address we hold on your file.

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