The Society is increasing their Standard Variable Rate by 0.25% from 5.99%, (typical APR 6.3% variable) to 6.24%, (typical APR 6.6% variable). This is in response to the recent increase in the Bank of England Base Rate on 6th May 2004.
The new rate will come into effect for new borrowers on Saturday 15th May 2004, and will come into effect for existing borrowers on Tuesday 1st June 2004.
The Society has also announced the introduction of a range of new fixed rate, and discount mortgage products, to take effect from Saturday 15th May 2004, the existing fixed rate and discount mortgage products having been withdrawn. The current Buy to Let Fixed Rate product remains available.
The new products include: two year fixed rate; three year fixed rate; five year fixed rate and a three year fee free discount mortgage.
