Mortgage Rate - Information for Principality Members

On 10th of March the Bank Of England announced a change in its Bank Rate from 0.75% to 0.25%. On 19th March the Bank of England announced a further change in its Bank Rate from 0.25% to 0.10%. As a result of this decrease, we are changing some of our mortgage and savings interest rates.

We understand how important it is for our customers to be kept informed of changes to their interest rates, which is why you’ll find some useful information below.

Which mortgage rates will be changing and when?

We’ll change our Standard Variable Rate (SVR) on the 1st May 2020 for existing and new Members. 

  • SVR is the rate of interest set by your lender on a mortgage. At the end of your special rate, your interest rate will change to our SVR, providing you haven't switched to another mortgage product.
  • Our SVR will decrease from 5.05% to 4.40%.
  • Members with mortgage interest rates linked to our SVR will see those rates decrease. The rate may decrease in line with the floor rate of your product.
  • Members on a fixed rate will not be affected until their fixed rate deal comes to an end, when their mortgage will revert to our SVR.

Will you be contacting Members about the SVR change?

If your mortgage interest rate is changing and it impacts your monthly repayment, we’ll write to you at least 10 working days before the change takes effect, starting from the 16th April 2020.

You can also register for Your Account, to keep track of your interest rate, not just for mortgages but savings too.

 

How do I know what type of mortgage I have?

You should find this information on your last mortgage statement from us. Alternatively, please call our customer services team on 0330 333 4000 or register for Your AccountHowever, in line with recent Government advice and to ensure the ongoing support and safety of our Members and colleagues, we've made some updates to our opening hours. Please visit www.principality.co.uk/coronavirus for details before you call.

How will I know if my savings account interest rate is changing?

If we are going to decrease the interest rate on your savings account, this will only be for variable interest rate accounts. If you have an accumulative balance of £100 or over, we’ll write to you at least 14 days before the change takes effect. In line with our account terms and conditions, if your balance is below £100, you will not receive personal notification of this change but information will be available to you through our branches, our website and national press advertising. You can also register for Your Account, to keep track of your interest rates, not just for savings but mortgages too.

What if I need more information?

If you need more information about savings rates, or if you’ve received a letter about your mortgage repayments and have a question, then you can get in touch by calling us on 0330 333 4000. You can also log into (or sign up for) Your Account to keep track of your interest rates.

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