The Bank of England announced on Thursday 19 March 2020 that it was decreasing its Base Rate from 0.25% to 0.10%.
This reduction follows the previous Base Rate change from 0.75% to 0.25% that took place on Wednesday 11 March 2020.
The Bank of England Base Rate is one of many factors which impact the interest rates we set on both our mortgage and savings accounts.
Following these announcements, our Board of Directors has decided to reduce our Mortgage Standard Variable Rate by 0.50% from 5.74% to 5.24% with effect from 30th May 2020. All mortgage members who are impacted will receive a communication by the end of May 2020.
We are currently considering how these rate changes will impact our savings account customers and further information will follow.