This is up from 6.49 per cent, (typical APR 6.7 per cent variable). This was in response to the recent increase in the Bank of England Base Rate.
The increased rate will come into immediate effect for new borrowers from Friday 18 August 2006 and will come into effect for existing borrowers on Friday 1 September 2006.
The Society also announced an increase in:
• Buy-to-let fixed (BTL) rates (excluding Prospect BTL) up 0.30 per cent
• All other fixed rates up 0.25 per cent (including Prospect BTL).
All fixed rate and corresponding early repayment charges (ERC) dates will be extended to 30 November. All tracker rates have been amended accordingly.
The current fixed rates are withdrawn as at close of business on Thursday 17 August and the new fixed rates for new and existing borrowers will be launched on Friday 18 August.
