As of 1 November 2022, the Society’s Standard Variable Rate (SVR) increased by 1% from 5.25% to 6.25%.
If you are on a variable rate mortgage, then you should have received notification by post of your new interest rate and monthly payment. If you have not received this letter, then please contact us for more information.
If you or your client has applied for a discounted rate scheme, this SVR change will affect the initial monthly payment figures, and the pay rate will increase by 1%. If the scheme discount is set for a period of time, e.g. a three year discount, the reversion rate will also increase by 1% after the discounted period finishes.
You do not need to take any action. If your application is at a pre-offer stage, then it will continue to be assessed on the new rate.
If you or your client have received a mortgage offer but are yet to complete, we are writing to you to confirm your new rate of interest and monthly repayment.
To discuss the rate change or any aspect of your application, please contact the team on firstname.lastname@example.org or 01768 863 675