On 3 August 2023, the Bank of England base rate rose by 0.25% to 5.25%
As a result, we have taken the decision to increase our Standard Variable Rate (SVR)* by 0.15% to 8.39% on 1 September 2023.
We remain focused on balancing the needs of both our borrowers and savers during this period of rising rates and on providing long term value for all members. During the past 12 months base rate has risen by 3.50% in total, whilst our SVR has increased by 2.45% over the same period.
*The SVR increase to 8.39% also applies to the Society’s Holiday Let SVR (HLSVR) and Commercial Variable Base Rate (CVBR).
Below is more information about what the SVR change means for any cases currently in progress. Customer FAQs will shortly be made available at mhbs.co.uk/svrhelp.
Updates to other products
We’re also updating some of our other products, including fixed rates, from 9am on 24 August. If you’ve already received an AIP from us, we’ll continue to accept applications on the agreed product until that time.
Please take the time to update your client that the SVR is changing.
If you’d like to understand your current options, please get in touch on 01858 412345.
We will shortly be contacting your client(s) to let them know that the SVR is changing.
We will contact your client(s) to confirm that their new mortgage won’t be affected until the fixed rate deal comes to an end, when our SVR will apply.
We will also write to your client(s) when the deal period is coming to an end to let them know what the new payment and interest rate will be.
We’re here to help and encourage borrowers to talk to us as soon as possible on 01858 412412. Speaking to us will have no impact on their credit file.
We provide tailored support to borrowers who are experiencing, or expect to face, payment difficulties. We also have details of further help available on our mortgage payment guidance page.