Following the Base Rate increase to 0.50% on 3 February we are implementing a partial rate change and our SVR will increase by 0.15% to 5.54%, effective 1 March 2022.
Whilst the base rate increased by 0.25% there have now been two rate increases in quick succession. We have been keen to take into consideration the interests of mortgage borrowers, especially at a time when other living costs are rising, and, being conscious of this squeeze on household budgets, have therefore agreed a partial increase.
If you have existing clients with a discount rate deal this will increase in line with the SVR change on 1 March 2022. For clients with a Base Rate tracker mortgage the 0.25% Base Rate increase will be applied from 1 March 2022, in line with the terms and conditions.
New products, changes, and rate reductions.
We have reviewed our product range and will be making the following changes:
New:
- Expat buy to let 80% LTV 2-year fixed at 3.59%
- Residential 80% LTV 3-year fixed at 2.45%
- Residential 95% LTV 3-year fixed at 3.35%
Reduced:
- Residential 80% LTV 2-year discount C&I reduced 5bps to 2.10%
- Shared ownership 2-year fixed reduced 20bps to 3.45% and 5-year fixed reduced 9bps to 3.80%
- Holiday let 2-year fixed reduced 10bps to 3.55%
- Expat holiday let 2-year discount reduced 35bps to 3.50%
- Expat buy to let 2-year discount reduced 16bps to 3.19%
- Buy to let 2-year discount reduced 40bps to 2.85%
Increased:
Standard residential interest only products are increasing by 10bps:
- 2-year discount now 2.70%
- 2-year fixed now 2.95
- 5-year fixed now 3.25%
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