From today (11 October) we are improving the price on three of our standard residential fixed rates.
Following the Bank of England Base Rate increase of 0.50% to 4.0% on 2 February 2023, we have been considering our mortgage interest rates.
We are pleased to announce that we will not be increasing our SVR as a result.
The Bank of England have increased Bank Base Rate 9 times by a total of 3.75% since December 2021. We have been able to limit how much of this increase is passed on to borrowers, with to date only increasing our SVR by 2.05% (1.70% less than the Bank Base Rate).
WHAT DOES THIS MEAN?
A Standard Variable Rate (SVR) is a variable rate of interest at which a lender’s standard mortgage is set. SVR’s are influenced by changes in the level of the Bank of England’s base rate. However, we decide how much to increase or decrease our SVR when rates change. An SVR is a type of variable rate, this means your mortgage payments can go up or down according to movements in interest rates.
Please see our SVR history and Bank of England rate change history – this is helpful to see when changes have been made by the Bank of England and ourselves over the last four years.
Our variable discount products offer a discount off our SVR for a stated period of time. To remind yourself of our wide range of these discount products, view them here.
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