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Interest Rate Change

08 August, 2016

On 4th August 2016, the Bank of England announced a reduction to its base rate from 0.50% to 0.25%.

Mortgages

As a consequence of the reduction in Bank Base Rate, Progressive Building Society will reduce its Standard Variable Rate (SVR) from 4.75% to 4.50% with effect from 1st September 2016.  We will be writing to you if your mortgage is on a variable interest rate to let you know about the change.  There will be no change for borrowers on a fixed interest rate but we will write to you before the fixed rate period is due to expire.

Savings

We are reviewing our variable rate savings accounts and if your rate is affected, we will let you know.  There will be no change to accounts on a fixed rate during the fixed rate term.

Speak to our team today

We’d love to talk you through the mortgage process and help you find a suitable product. For more information or to apply for an account, you can call us, email us, pop into one of our 12 branches. We look forward to hearing from you.

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