Changes to our Variable Reference Rates

How does it affect you and your clients?

Following the Bank of England decision to increase the Base Rate, we’re making changes to our variable mortgage ranges.

Our rates will change
We’ll be increasing all variable mortgage rates by 0.25% with effect from 1 October. From 1 October our Residential Standard Variable Rate (SVR) will be 6.20% and our Let Variable Rate (LVR) 6.35%.

Variable rate applications
If you have a discounted variable rate application with the Society, your clients quoted monthly mortgage payment and the total cost of borrowing will increase as a result of the increase to our variable rates (SVR and LVR). Letters have been issued to your clients to tell them about the rate change and any change to their proposed monthly mortgage payment.

Fixed rate applications
If you have a fixed rate application with the Society, your clients quoted monthly mortgage payment won’t change until your fixed rate ends, however the total cost of borrowing will increase as a result of the increase to our variable rates (SVR and LVR).