Mortgage rate increases from 1 December 2022
Following the Bank of England’s announcement that it will increase the Bank of England Base Rate (BBR) from 2.25% to 3.00% with effect from 3 November 2022, the Society will be increasing its variable rate mortgage products on 1 December 2022.
The Society Standard Variable Rate (SVR) will be increased by 0.90% from 6.59% to 7.49%. The pay rate on discounted-to-SVR products will be adjusted accordingly and increased by 0.90%.
Existing mortgage customers will receive a direct written communication advising of the change of interest rate and the impact on their monthly mortgage payment. For any borrowers worried about making their mortgage payments, please contact us on 01623 676340.
For brokers with enquiries about pipeline cases, please call Intermediary Sales Support on 01623 676360.
News updated 10 November 2022.