Please see below the latest communication from Skipton Building Society for Intermediaries. We would appreciate it if you could please share this with your network as soon as possible, and include it in any of your own comms.
Bank of England Base Rate
Today the Bank of England’s Monetary Policy Committee announced a 0.25% increase to the base rate. The Bank of England Base Rate now stands at 0.75%.
As a result of this announcement we can now confirm the following:
All customers who have existing mortgages which track the Bank of England Base Rate will see their account interest rate change (subject to any product rate cap) in line with their terms and conditions. For most Base Rate Tracker products, rates will be increased no later than 14 days from today, Thursday 17 March 2022.
Our existing Base Rate Tracker products will be withdrawn at 10pm Monday 21 March 2022 and replaced from 9am Tuesday 22 March 2022 reflecting the Bank of England base rate increase.
