Bank of England Base Rate Increase update as of 8 November 2022
On 3 November the Bank of England (BOE) announced an increase in bank base rate (BBR) by 0.75% to 3.0%. After considering a number of factors, including market conditions and balancing the needs of savers and borrowers, we will be making changes to our interest rates as follows:
Savers - savings interest rates will increase across our product range by up to 0.75%. This will be effective from 7 December 2022. This is excellent news for savers, a real boost to savings income.
For full detail of the changes to our savings interest rates effective from 7 December 2022, please click here. The link will download a PDF.
Borrowers - our mortgage Standard Variable Rate (SVR) will increase by 0.75%, also effective from 7 December 2022. The BoE have increased Bank Base Rate 8 times by a total of 2.9% since December 2021. We have been able to limit how much of this increase is passed on to borrowers, with to date increasing SVR by 1.65% (1.25% less than BBR). We remain conscious of cost of living pressures and urge borrowers to contact us if they foresee any problems in paying their mortgage. We also have some helpful information on our website, including signposting to free 3rd party services that can support you.
Thank you for your continued loyalty to Newbury Building Society.