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 decision on 7th November 2024 to lower the Base Rate to 4.75%, we will be changing our SVR.
Current base rate: 4.75% (effective 7th November 2024)
SVR (effective 1st January 2025): 8.29%
| Change to Bank of England Base Rate | Our 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 |
| 14th December 2023 – maintained at 5.25% | No change |
| 1st February 2024 – maintained at 5.25% | No change |
| 21st March 2024 – maintained at 5.25% | No change |
| 9th May 2024 – maintained at 5.25% | No change |
| 20th June 2024 – maintained at 5.25% | No change |
| 1st August 2024 -25bps to 5.00% | 1st September 2024 -25bps to 8.44% |
| 6th November 2024 -25bps to 4.75% | 1st January 2025 -15bps to 8.29% |
Last updated: 13th November 2024
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 from 1st January 2025.
Existing Base Rate tracker mortgage account holders will see their mortgage payments reduce from 1st December 2024, 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.
