Standard Variable Rate Decrease November 2024
On Thursday 1 August, the Bank of England announced a 0.25% decrease in the base rate from 5.25% to 5.00%.
As a member led Society, we want to make sure the changes we make to interest rates remain fair to our mortgage and savings members.
What this means to our mortgage members…
We will decrease our Standard Variable Rate (SVR) by 0.10% to 8.39%. This new rate will take effect from 1st November 2024 and be reflected in your December payments.
I’m on a Fixed Rate mortgage.
If you are on a Fixed Rate Mortgage, your monthly payments will remain unchanged until the end of your fixed rate term.
Changes in our SVR do not affect your payments during this period. At the end of your fixed rate, unless you switch to another mortgage product, your interest rate will revert to our SVR.
Discounted mortgage members
If you are on a Discounted Mortgage, your interest rate is variable and discounted against our SVR. With the SVR reduction, your monthly repayments will decrease accordingly. We will send you a letter confirming this change and its impact on your payments.
At the end of your discounted rate, unless you switch to another mortgage product, your interest rate will revert to our SVR.
SVR mortgage members
If you are on SVR, perhaps because your mortgage deal has ended and you haven’t switched to one of our other Fixed or Discounted products, your interest rate will follow our SVR. As a result, your monthly payments will decrease in line with the new SVR.
If you wish to discuss switching to a new rate, please call us on 01633 844351.
Tracker mortgage members
If you are on a Tracker Mortgage, your interest rate is variable and linked to the Bank of England Base Rate. You should have already received communication from us confirming changes to your payable rate and your new payments.
At the end of your tracker rate term, unless you switch to another mortgage product, your interest rate will revert to our SVR.
What this means to our savings members…
We’ll decrease the interest rate on most of our variable rate savings accounts, on a product-by-product basis, with effect from 30th September 2024.
We’ll write to you directly if the rate on your account is going to change.
If you have an existing fixed rate savings product, this will not be affected.
FAQ’s
Do I need to change my monthly mortgage payment?
If you pay by direct debit, we will automatically collect the new monthly payment on your usual payment date, starting in December.
I am concerned about my payments. What should I do?
If you have any concerns about your payments, please don’t hesitate to contact us on 01633 844371. Additional information and support can also be found on our website: Financial Support & Advice | Monmouthshire Building Society.
