Bank of England Base Rate Change


Friday, November 10th, 2017

On 2nd November 2017, the Bank of England announced a 0.25% increase in the Base Rate.

Mortgages

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.

We will write to you if your current mortgage is affected to let you know your new monthly payment.

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 December 2017 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.

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.

Savings

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 by placing a notice on our website, in branches and in The News Letter, Belfast Telegraph and The Irish News.


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