Product Updates

Here you'll find our recent product launches, withdrawals and criteria changes

Base Rate change wef 01.12.17

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

Code Type Rate LTV Term
DS303 Discount 0.99% 75% 2 Years

 

 

 

Product Withdrawal wef 24.10.17

Code Type Rate LTV Term
DS300 Discount 1.09% 70% 2 Years

 

 

 

Criteria Changes

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

 

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