Base rate and our SVR

Written by Suffolk Building Society

5 Jul 2023


Rate Change

4 min read

If you want to find out how our SVR has changed in response to changes to the Bank of England Base Rate, we have put together a useful summary. If you can’t find what you need, please get in touch and we’ll be happy to help you.

Following the Bank of England’s Base Rate decision in October 2023, we will not be changing our SVR.

On 2nd November 2023, the Bank of England Base Rate was maintained at 5.25%.

Current base rate: 5.25% (effective 2nd November 2023)

SVR (effective 1st August 2023): 8.69%

Change to Bank of England Base RateOur SVR
16th December 2021 +15bps to 0.25%1st February 2022 +15bps to 5.39%
3rd February 2022 +25bps to 0.50%1st March 2022 +15bps to 5.54%
17th March 2022 +25bps to 0.75%No change
5th May 2022 +25bps to 1.00%No change
16th June 2022 +25bps to 1.25%No change
4th August 2022 +50bps to 1.75%1st September 2022 +30bps to 5.84%
22nd September 2022 +50bps to 2.25%1st November 2022 +50bps to 6.34%
3rd November 2022 +75bps to 3.00%1st December 2022 +60bps to 6.94%
15th December 2022 +50bps to 3.50%1st February 2023 +50bps to 7.44%
2nd February 2023 +50bps to 4.00%No change
23rd March 2023 +25bps to 4.25%1st May 2023 +50bps to 7.94%
11th May 2023 +25bps to 4.50%1st June 2023 +25bps to 8.19%
22nd June 2023 +50bps to 5.00%1st August 2023 +50bps to 8.69%
3rd August 2023 + 25bps to 5.25%No change
21st September 2023 – maintained at 5.25%No change
2nd November 2023 – maintained at 5.25%No change
Total rate changes +515bpsTotal rate changes +345bps
Last updated: 3 November 2023

Since 1st December 2021, the Base Rate has increased by a total of +515bps.

Since 1st December 2021 we have increased our SVR by +345bps.

Existing customers

Existing borrowers with a discount rate, or those paying our SVR, will see their interest rate change in line with changes in SVR.

Existing Base Rate tracker mortgage account holders will see no change to their mortgage payments, in line with their terms and conditions.

All affected borrowers will be written to in advance of any interest rate change detailing their new interest rate and monthly repayment amount.

If you have existing borrower clients facing financial difficulties click here to see how we can help.

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