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On Thursday 3 February 2022, the Bank of England announced a 0.25% increase in its base rate from 0.25% to 0.50%.
As a result of the Bank of England Base Rate change your current Progressive Building Society mortgage rate and subsequent monthly payments may be affected, depending on your current product.
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 0.25% Bank of England Base Rate increase, we have reviewed our mortgage rates and from 1st March 2022 the Society’s Standard Variable Rate (SVR) will increase from 4.50% to 4.75%. Borrowers on a variable rate mortgage will see their interest rate increase by 0.25% and payments will be adjusted accordingly. We will write to you to let you know your new monthly payment.
We are currently reviewing the pricing of all of our variable rate products. If we make changes to our variable rates, we will communicate these to Members.
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 11 branches. We look forward to hearing from you.