Bank of England Base Rate Change
On 6th February 2025, the Bank of England announced a decrease of 0.25% in the Base Rate.
On 6th February 2025, the Bank of England announced a decrease of 0.25% 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.
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 decrease, we have reviewed our mortgage rates and from 1st March 2025 the Society’s Standard Variable Rate (SVR) will decrease from 8.24% to 7.99%. Borrowers on a variable rate mortgage will see their interest rate decrease by 0.25% and payments will be adjusted accordingly. We will write to you to let you know your new monthly payment.
Savings
Following the 0.25% 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 5th March 2025, depending on the type of your account. You can view the new rates for branch-based accounts here and you can view the new rates for online accounts here
Speak to our team today
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.