FAQs
Our SVR is changing
The Bank of England base rate rose by a further 0.25% on 3 August. 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 you’ll find some FAQs about how this might affect your mortgage rate and payment.
We’ll be in touch shortly to let you know how your rate and monthly mortgage payment will be affected by the change.
If you make monthly repayments, your payment amount due in September will change.
If you pay by direct debit – you do not need to do anything, your mortgage payments will be changed automatically. If your direct debit is fixed at a higher payment, this will continue to be collected from your bank account.
If you pay your mortgage by standing order – you will need to contact your bank and give them the new payment details.
We will email or write to you to let you know about the SVR change.
Whilst you are on a fixed rate mortgage, there will be no change to your current rate or monthly payment amount.
When your fixed rate deal is coming to an end, we will get back in touch to let you know the options available.
We will email or write to you about the SVR change.
Your mortgage is held on an interest-only basis with no monthly mortgage payments required. The interest is calculated daily and added to your account balance on the last working day of each month. The interest is compounded, which means it is calculated on your mortgage balance plus any interest that has previously accrued.
This SVR increase will affect the amount of interest that is charged each month. You should ensure that your repayment strategy is in place and sufficient to repay the amount owed at the end of the term.
We will contact you about the SVR change.
To talk to us about this, please contact us on 01858 412412.
We will contact you about the SVR change and the options available to you.
To talk to us about this, please contact us on 01858 412412.
If you are using a mortgage broker, we will let them know about the change. You may wish to talk to them about your options.
To talk to us about the change, please contact us on 01858 412412.
We’re here to help on 01858 412412 if you’re worried about meeting your mortgage payments. Please call us to discuss your situation as soon as possible – speaking to us won’t impact your credit file – and we offer tailored support to find the right solution for your needs. For more information about this and other help available please visit our mortgage support page.
If you’d like more help understanding what the SVR increase means for your mortgage or to talk to us about your circumstances, please call 01858 412412.
