On 2 November 2017 the Bank of England Monetary Policy Committee (MPC) announced an increase in the Base Rate from 0.25% to 0.50%. As a result, we have taken steps to review our key underlying reversion rates which will change as follows.
Mortgage Variable Rate / Standard Variable Rate:
The Society applies a 5.29% MVR reversion rate to all new business applications. Many existing customers have a 5.19% SVR reversion rate in their terms.
The MVR will rise by 0.25% from 5.29% to 5.54% for new business from Friday the 17th November. The MVR and SVR will rise by 0.25% for current customers from the 1st December
Bank Base Rate Trackers:
The Society’s Tracker products have had their applicable base rate increased from 0.25% to 0.50%. This change has already been made, and was effective for all new business applications from 9th November.
New Products wef 24.10.17
The Society has increased its Offer validity from 3 months to 6 months
LTI increased to 4.5 up to 85% LTV
The Society has increased its free valuation package on remortgages to £1M. The Society previously offered free valuations up to £500,000