Mortgage Rate - Information for Principality Members
On 2 August 2018 the Bank of England announced that the Bank Rate would increase from 0.50% to 0.75%. We are currently working through what this means for our Members. In the meantime you’ll find some useful information below but you can also visit your local branch for more information.
The Bank of England sets an interest rate ('Bank Rate', also known as 'Base Rate') at which it lends to financial institutions. This interest rate then affects the range of interest rates that are set by banks, building societies and other institutions for their own savers and borrowers.
If you are on a Fixed Rate Mortgage, Discounted Rate Mortgage or a mortgage where the interest rate is our Standard Variable Rate (SVR), you will not be directly impacted by a change in the Bank of England Bank Rate; however we may review and alter our SVR as a result of this change.
If you are on a Tracker Rate Mortgage, your interest rate is variable and it 'tracks', or is linked to, the Bank of England Bank Rate until the end of the promotional term of the product. This means that any changes to the Bank of England Bank Rate will have an effect on your rate, and subsequently on your monthly payments which could go up. At the end of your promotional term your mortgage interest rate will then change to our SVR, providing you haven't switched to another mortgage product.
You should find this information on your last mortgage statement from us. Alternatively, please visit one of our branches, call Connect on 0330 333 4000 (lines are open Monday to Friday 8am to 8pm and Saturday 9am to 1pm), or register for Your Account.
If your mortgage account interest rate is changing and it impacts your monthly repayment, we will write to you 10 working days before the change takes effect. You can also register for Your Account, to keep track of your interest rate, not just for mortgages but savings too.
If you’ve received a letter about your mortgage repayments and have a question, or you would like information about our savings rates, please get in touch by visiting your local branch, or by calling us on 0330 333 4000 (lines are open Monday to Friday 8am to 8pm and Saturday 9am to 1pm).
You can also log in to (or sign up for) Your Account, to keep track of your interest rates.
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