Our SVR is changing to 5.94%

Product News

22ND JUN 2022

Our SVR is changing to 5.94%

SVR update

On 1 July 2022 the Society’s Standard Variable Rate (SVR) will increase from 5.49% to 5.94%. The difficult decision to make the change is in response to recent Bank of England base rate changes and follows a period where we have held the SVR for as long as possible.

The SVR increase to 5.94% also includes the Society’s Holiday Let SVR (HLSVR) and Commercial SVR (CSVR).

Below is more information for intermediary partners about what the change means for any cases currently in progress, as well as any action you may need to take.

Customer FAQs will shortly be made available at mhbs.co.uk/svrhelp.

Your client has a variable rate mortgage application due to complete between 27 and 30 June 2022

If your client expects their mortgage to complete between now and 30 June, please urgently contact completions@mhbs.co.uk or call 01858 412430. So that your client receives the same pay rate during the discount period/bridging term, we’re making new variable rate products available from 27 June.

We will work with you to ensure that your client receives the latest product, if they wish, providing you have contacted us before 12 July 2022. There will be no additional fees for selecting the equivalent new product.

Your client has received an offer for a discounted variable rate mortgage/bridging finance

So that your client receives the same pay rate during the discount period/bridging term, we’re making new variable rate products available from 27 June.

If your client has already received our offer, we’ll contact them to confirm this and ask them to get in touch with you to discuss their options further.

If you and your client(s) would like to go ahead and select a new product, please email completions@mhbs.co.uk before 12 July 2022 to confirm. We will provide a revised mortgage illustration/ESIS. There will be no additional fees for selecting the equivalent new product.

Your client has applied for a discounted variable rate mortgage/bridging finance

So that your client receives the same pay rate during the discount period/bridging term, we’re making new variable rate products available from 27 June.

If you and your client(s) would like to go ahead and select the equivalent new product for their mortgage application, please email your confirmation to the case manager/ underwriter dealing with your application before 12 July 2022. We will provide a revised mortgage illustration/ESIS. There will be no additional fees for selecting the equivalent new product.

 

Your client intends to apply for an MHBS discounted variable rate mortgage/bridging finance

So that your client(s) receives the same pay rate during the discount period/bridging term, we’re making new products available from 27 June.

  1. If you have already started the application on the MHBS Case Hub – before you submit the case application, please review the products available from the Case Hub application dashboard and select from the new/updated product range available from 27 June 2022.
  2. If you have already started the application with the MHBS Dip form – if your client(s) would like to go ahead and select the new product, please email intermediaries@mhbs.co.uk so we can provide a revised mortgage illustration/ESIS.

Your fixed rate mortgage clients

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.

For more help

If you’d like to talk about a case, please contact your Specialist Lending Manager, Case Manager or Underwriter in the first instance.

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