Our rates are changing

Bank of England base rate increase – June 2023

The Bank of England base rate rose by a further 0.50% to 5.00% on 23 June. We’ve taken time to consider what this means for our members and how we continue to balance the needs of borrowers and savers and provide long-term value.

Mortgage rates

We held off passing on any change to borrowers following the Bank of England base rate rise of 0.25% on 11 May. In response to June’s change, we will increase our Standard Variable Mortgage rate (SVR)* by 0.50% from 7.74% to 8.24% on 1 August.

If your mortgage rate and repayments are affected, we’ll be in touch by email or letter to confirm the details.

We know that ongoing interest rate increases and other cost of living rises mean that you may be worried about meeting your mortgage repayments now or in the future. Please talk to us as soon as possible to discuss your situation – talking to us will not impact your credit file. We’re always here to help and we provide tailored support to match your needs.

Please call our Mortgage Specialists on 01858 412412 or email specialistsupport@mhbs.co.uk, providing your name and contact telephone number.

You might also find useful information on the following pages:
Payment difficulties page 
Frequently asked questions 

Savings rates

With effect from 1 August, we are boosting the interest rate on a wide range of our variable rate savings accounts by 0.40%. This follows a series of rate increases applied to many of our variable rate savings accounts during May.

During June we also launched a competitive 195 Day Notice Account for both new and existing members, you can read more here.

*This also applies to the Society’s Holiday Let SVR (HLSVR) and Commercial Variable Base Rate (CVBR).