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Progressive’s Interest Rate Changes Update


Friday, August 31st, 2018

On 2nd August 2018, the Bank of England announced a 0.25% increase in the Base Rate. Following this decision Progressive will make the following changes.

Savings

The interest rates on a range of our savings accounts will increase with effect from 10th September 2018. Further information will be available from 7th September 2018.

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 0.25% Bank of England Base Rate increase, we have reviewed our mortgage rates and from 1st September 2018 the Society’s Standard Variable Rate (SVR) will increase from 4.75% to 5.00%. 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.

 


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