Interest Rate Change


Monday, August 8th, 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.


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