From the late 1990’s to 2008, some of the Society’s mortgages included a variable rate ceiling guarantee. As you may be aware this guarantee was withdrawn in February 2010.

We wrote to our impacted borrowers in December 2009 to explain if, and how their mortgage is affected and told them what measures needed to be in place for the ceiling to be reinstated.

The measures at that time were as follows:-

• The Bank base rate is above 2.70% and
• The Bank base rate minus the quoted household branch-based instant access rate is more than 2.50% for a 3 month period.

You can see the performance of this measure here.

On 1 January 2013, the Bank of England ceased to publish the quoted household branch-based instant access rate referred to above. An alternative (very similar) Bank of England measure has been identified as a replacement rate; however, this rate has been consistently higher than the discontinued rate over the time period when both rates were published simultaneously. As a result, the criteria for the reinstatement of the ceiling have been redefined and are set out below.

• The Bank base rate is above 2.70%; and
• The Bank base rate minus the quoted household branch-based instant access rate is more than 2.27% for a 3 month period.

Date	End month official Bank Base Rate	Monthly Interest Rate of UK Monetary financial institutions (excl Central Bank) sterling instant access deposits excluding unconditional bonuses from households (in percent) not seasonally adjusted (IUMB6VK)	Differential against Bank Base Rate	Status
31-Jan-2014	0.5	0.47	0.03	Exceptional Circumstances still exist
28-Feb-2014	0.5	0.49	0.01	Exceptional Circumstances still exist
31-Mar-2014	0.5	0.49	0.01	Exceptional Circumstances still exist
30-Apr-2014	0.5	0.49	0.01	Exceptional Circumstances still exist
31-May-2014	0.5	0.49	0.01	Exceptional Circumstances still exist
30-Jun-2014	0.5	0.48	0.02	Exceptional Circumstances still exist
31-Jul-2014	0.5	0.42	0.08	Exceptional Circumstances still exist
31-Aug-2014	0.5	0.42	0.08	Exceptional Circumstances still exist
30-Sept-2014	0.5	0.42	0.08	Exceptional Circumstances still exist
31-Oct-2014	0.5	0.42	0.08	Exceptional Circumstances still exist
30-Nov-14	0.5	0.41	0.09	Exceptional Circumstances still exist
31-Dec-14	0.5	0.42	0.08	Exceptional Circumstances still exist
31-Jan-15	0.5	0.38	0.12	Exceptional Circumstances still exist
28-Feb-15	0.5	0.38	0.12	Exceptional Circumstances still exist
31-Mar-15	0.5	0.38	0.12	Exceptional Circumstances still exist
30-Apr-15	0.5	0.38	0.12	Exceptional Circumstances still exist
31-May-15	0.5	0.40	0.10	Exceptional Circumstances still exist
30-Jun-15	0.5	0.38	0.12	Exceptional Circumstances still exist
31-Jul-15	0.5	0.39	0.11	Exceptional Circumstances still exist
31-Aug-15	0.5	0.39	0.11	Exceptional Circumstances still exist
30-Sep-15	0.5	0.39	0.11	Exceptional Circumstances still exist
31-Oct-15	0.5	0.39	0.11	Exceptional Circumstances still exist
30-Nov-15	0.5	0.39	0.11	Exceptional Circumstances still exist
31-Dec-15	0.5	0.38	0.12	Exceptional Circumstances still exist
31-Jan-16	0.5	0.37	0.13	Exceptional Circumstances still exist
29-Feb-16	0.5	0.33	0.17	Exceptional Circumstances still exist
31-Mar-16	0.5	0.33	0.17	Exceptional Circumstances still exist
30-Apr-16	0.5	0.30	0.20	Exceptional Circumstances still exist
31-May-16	0.5	0.30	0.20	Exceptional Circumstances still exist
30-Jun-16	0.5	0.30	0.20	Exceptional Circumstances still exist
31-Jul-16	0.5	0.30	0.20	Exceptional Circumstances still exist
31-Aug-16	0.25	0.25	0.00	Exceptional Circumstances still exist
30-Sept-16	0.25	0.25	0.00	Exceptional Circumstances still exist
31-Oct-16	0.25	0.22	0.03	Exceptional Circumstances still exist
30-Nov-16	0.25	0.22	0.03	Exceptional Circumstances still exist
31-Dec-16	0.25	0.13	0.12	Exceptional Circumstances still exist
31-Jan-17	0.25	0.13	0.12	Exceptional Circumstances still exist
28-Feb-17	0.25	0.13	0.12	Exceptional Circumstances still exist
31-Mar-17	0.25	0.13	0.12	Exceptional Circumstances still exist
30-Apr-17	0.25	0.13	0.12	Exceptional Circumstances still exist
31-May-17	0.25	0.13	0.12	Exceptional Circumstances still exist
30-Jun-17	0.25	0.13	0.12	Exceptional Circumstances still exist
31-Jul-17	0.25	0.12	0.13	Exceptional Circumstances still exist
31-Aug-17	0.25	0.12	0.13	Exceptional Circumstances still exist
30-Sept-17	0.25	0.11	0.14	Exceptional Circumstances still exist
31-Oct-17	0.50	0.09	0.41	Exceptional Circumstances still exist
30-Nov-17	0.50	0.10	0.40	Exceptional Circumstances still exist
31-Dec-17	0.50	0.19	0.31	Exceptional Circumstances still exist
31-Jan-18	0.50	0.19	0.31	Exceptional Circumstances still exist
28-Feb-18	0.50	0.19	0.31	Exceptional Circumstances still exist
31-Mar-18	0.50	0.19	0.31	Exceptional Circumstances still exist
30-Apr-18	0.50	0.19	0.31	Exceptional Circumstances still exist
31-May-18	0.50	0.19	0.31	Exceptional Circumstances still exist
30-Jun-18	0.50	0.19	0.31	Exceptional Circumstances still exist
31-Jul-18	0.50	0.19	0.31	Exceptional Circumstances still exist
31-Aug-18	0.75	0.20	0.55	Exceptional Circumstances still exist
30-Sep-18	0.75	0.25	0.50	Exceptional Circumstances still exist
31-Oct-18	0.75	0.25	0.50	Exceptional Circumstances still exist
30-Nov-18	0.75	0.25	0.50	Exceptional Circumstances still exist
31-Dec-18	0.75	0.25	0.50	Exceptional Circumstances still exist
31-Jan-2019	0.75	0.25	0.50	Exceptional Circumstances still exist
28-Feb-19	0.75	0.38	0.37	Exceptional Circumstances still exist
31-Mar-19	0.75	0.43	0.32	Exceptional Circumstances still exist
30-Apr-19	0.75	0.44	0.31	Exceptional Circumstances still exist
31-May-19	0.75	0.43	0.32	Exceptional Circumstances still exist
30-Jun-19	0.75	0.42	0.33	Exceptional Circumstances still exist
31-Jul-19	0.75	0.41	0.34	Exceptional Circumstances still exist
31-Aug-19	0.75	0.42	0.33	Exceptional Circumstances still exist
30-Sep-19	0.75	0.42	0.33	Exceptional Circumstances still exist
31-Oct- 19	0.75	0.43	0.32	Exceptional Circumstances still exist
30-Nov-19	0.75	0.41	0.34	Exceptional Circumstances still exist
31-Dec-19	0.75	0.39	0.36	Exceptional Circumstances still exist
31-Jan-20	0.75	0.39	0.36	Exceptional Circumstances still exist
29-Feb-20	0.75	0.39	0.36	Exceptional Circumstances still exist
31-Mar-20	0.10	0.36	-0.26	Exceptional Circumstances still exist
30-Apr-20	0.10	0.26	-0.16	Exceptional Circumstances still exist
31-May-20	0.10	0.21	-0.11	Exceptional Circumstances still exist
30 Jun 20	0.10	0.16	-0.06	Exceptional Circumstances still exist
31 Jul 20	0.10	0.09	0.01	Exceptional Circumstances still exist
31 Aug 20	0.10	0.06	0.04	Exceptional Circumstances still exist
30 Sept 20	0.10	0.07	0.03	Exceptional Circumstances still exist
31 Oct 20	0.10	0.07	0.03	Exceptional Circumstances still exist
30 Nov 20	0.10	0.06	0.04	Exceptional Circumstances still exist
31 Dec 20	0.10	0.06	0.04	Exceptional Circumstances still exist
31 Jan 21	0.10	0.06	0.04	Exceptional Circumstances still exist
28 Feb 21	0.10	0.06	0.04	Exceptional Circumstances still exist
31 Mar 21	0.10	0.06	0.04	Exceptional Circumstances still exist
30 Apr 21	0.10	0.06	0.04	Exceptional Circumstances still exist
31 May 21	0.10	0.06	0.04	Exceptional Circumstances still exist
30 Jun 21	0.10	0.06	0.04	Exceptional Circumstances still exist
31 Jul 21	0.10	0.07	0.03	Exceptional Circumstances still exist
31 Aug 21	0.10	0.08	0.02	Exceptional Circumstances still exist
30 Sep 21	0.10	0.10	0.00	Exceptional Circumstances still exist

Source: Bank of England