Following the announcement from the Bank of England to increase the Base Rate by 0.50 percentage points to 2.25% on 22nd September 2022, we are implementing rate changes across both our variable rate mortgages and variable rate savings products.
When we consider our response to Base Rate changes, we always take into account the potential impact on both mortgage borrowers and savings members. We recognise the pressures on households’ finances from ongoing inflation and from this rate increase, the seventh consecutive rise since December 2021.
Savings
Suffolk Building Society will increase the interest paid on its variable rate savings accounts on a product-by-product basis. These changes will be announced on, and be effective from, 17th October 2022. Members with an existing fixed rate product will not have any changes applied.
Although not directly impacted by the Base Rate change, to ensure fixed rate savings products remain competitive the Society will launch new fixed rate accounts in early October.
Mortgages
The Society will increase its Standard Variable Rate (SVR) by 0.50 percentage points to 6.34%, effective from 1st November 2022.
Borrowers with Base Rate tracker mortgages will have the 0.50 percentage points increase applied from 1st November 2022.
Mortgage customers affected by the rate change will be written to individually.
Borrowers currently on a fixed rate product will see no change in current repayments.
Mortgage payment difficulties.
If you have a mortgage with us and are concerned about meeting your repayments please get in touch with us as soon as you can, either by calling 0330 123 0773 or emailing [email protected]. We’ll work with you to help find a solution and the earlier we know, the better we can help. You can find details of what support we may be able to offer by clicking here.
Get in touch.
If you can’t find what you’re looking for, or would prefer to talk to us, we’re here! Simply get in touch with your local branch, email us at [email protected] or call us on 0330 123 0723.
