On Thursday 2 August 2018 the Bank of England took the decision to increase the Bank Base Rate for the first time in 2018 to the highest level since 2009, by 0.25% to 0.75%. This rate change will be applied to the Society’s Standard Variable Rate (SVR) for mortgages with effect from 1 September. Variable rate savings products are being individually reviewed with increases to follow.
We operate a straightforward business model, balancing the money we take in from savers and that which we lend out to borrowers. Following the Bank of England’s announcement we are implementing the change to our SVR mortgage rate and will be reviewing our savings rates in order to balance the interests of our members.
We continue to support members with savings goals along with those who may wish to buy a home or remortgage but find themselves ‘mortgage misfits’, left out by the automated decision-making of other lenders. By using our personal approach to underwriting we are able to offer choice while retaining a diligent approach to lending.