Following the announcement from the Bank of England on 4 August to increase the base rate by 0.50% to 1.75% Suffolk Building Society will be implementing a partial rate change.
Their SVR will increase by 0.30% to 5.84%, effective 1 September 2022.
In the six successive rate rises from December 2021 the base rate has increased by a total of +1.65%. During the same period, their SVR will have increased by +0.60% (including this change effective September).
If you have existing clients with a discount rate deal this will increase in line with the SVR change on 1 September 2022. For clients with a base rate tracker mortgage, the 0.50% base rate increase will be applied from 1 September 2022, in line with the terms and conditions.
