Most mortgages these days come with an initial offer period. When this period ends, if you don’t choose to move onto a new mortgage product with a new offer rate, you move onto what is called a ‘reversionary rate’. We have three reversion rates, either: our Standard Variable Rate (SVR), currently 4.49%*; our discount from SVR, where the reversion rate is detailed in your mortgage offer; or our Privilege Rate, currently 4.24%*. These are managed rates, and aren’t linked to the Bank of England Base Rate or any other external rates.
We understand a variable rate suits many of our members because it offers flexibility, but other options are available. If you decide to take one of these options then changing your rate is simple.
If you’re interested in finding out more just call us on 0800 121 8899.