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On 11th March and 19th March 2020, the Bank of England announced a total reduction 0.65% in the Base Rate.
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 1st 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.
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 1st May.
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.