Bank of England Base Rate Change

On 11th March and 19th March 2020, the Bank of England announced a total reduction 0.65% in the Base Rate.

Mortgages

Members on a fixed rate mortgage product

If you have a fixed rate mortgage, your rate and monthly payments will not change until your deal period comes to an end.  We will write to you when your deal period is coming to an end to let you know what your new payment and interest rate will be.

Members on a variable rate mortgage product including Standard Variable Rate (SVR)

Following the 0.65% Bank of England Base Rate decrease, we have reviewed our mortgage rates and from 1^st May 2020 the Society’s Standard Variable Rate (SVR) will decrease from 5.00% to 4.35%.  Borrowers on a variable rate mortgage will see their interest rate decrease by 0.65% and payments will be adjusted accordingly. We will write to you to let you know your new monthly payment.

Savings

Members with a fixed rate savings product

If you have a fixed rate savings account, your rate will not change until the term of the savings account comes to an end.  We will write to you before the maturity date in order to advise you of the options available to you regarding the balance on your account.      

Members with a variable rate savings product

Following the 0.65% Bank of England Base Rate decrease, we have reviewed the interest rates on our variable rate savings products.  The interest rate on your current Progressive Building Society savings accounts may reduce on 1st May 2020, depending on the type of your account.  Members will be personally notified about the changes during April, ahead of the rates reducing on 1^st May.