Bank of England Base Rate reduction

As you may know, on 19 March the Bank of England further reduced the bank base rate from 0.25% to 0.10%, as part of their ongoing response to the Coronavirus pandemic.

As a result of this announcement we can now confirm the following:

  • Our Standard Variable Rate (SVR) and Mortgage Variable Rate (MVR) will decrease by 0.35% for mortgage customers, effective from Friday 1 May 2020.
  • All customers who have existing mortgages and savings which track the Bank of England Base Rate will see their account interest rate change (subject to any product rate floor) in line with their terms and conditions. For most base rate tracker products, rates will be reduced no later than 14 days after the Bank of England’s announcement, which was on Thursday 19 March 2020.

We’re currently looking at how the base rate change will affect the rest of our savings rates, and we’ll let you know about any changes as soon as we can.

Standard Variable Rate (SVR) and Mortgage Variable Rate (MVR) mortgages

What's going to happen to the Standard Variable Rate (SVR) or Mortgage Variable Rate (MVR) rate on my mortgage?

Our Standard Variable Rate (SVR) and Mortgage Variable Rate (MVR) will each decrease by 0.35%, effective from 1 May 2020.

Rate Currently From 1 May
MVR Residential 4.99% 4.64%
MVR Buy to Let 5.19% 4.84%
MVR Commercial 5.49% 5.14%
SVR Residential / SVR Buy to Let 4.95% 4.60%

When will my monthly payments change?

Customer payments will change from 1 May 2020.

Will I get confirmation of my new rate and payment?

Affected customers will receive a letter outlining the changes by 24 April 2020.

Base Rate Tracker mortgages

What's going to happen to the rate on my Base Rate Tracker mortgage?

The rates on your Base Rate Tracker mortgage will be reduced in line with the terms and conditions. If the product has a ‘rate floor’, the rate won’t go below this level. You can find out if your mortgage has a rate floor, by checking your mortgage offer.

When will the rate change happen?

If your Base Rate Tracker was originally from Scarborough Building Society the new rate will take effect from 26 March 2020.

If you have a Skipton Building Society, ex-Holmesdale Building Society or ex-Chesham Building Society Base Rate Tracker mortgage then the new rate will take effect from 26 March 2020.

When will my monthly payments change?

Your monthly payment will change from the 1 April 2020.

Will I get confirmation of my new rate and payment?

Yes – we’ll send you a letter within the next 14 days from the 19 March will include all the details you need.

Base Rate Tracker savings accounts

What's going to happen to the rate on my Base Rate Tracker savings account?

The rates on your Base Rate Tracker savings accounts will be reduced in line with the terms and conditions.

When will my savings rate change?

Rates on tracker savings products will be reduced no later than 14 days after the announcement on Thursday 19 March 2020 from the Bank of England.

What will my new rate be?

We've included the new rates on our Base Rate Tracker savings accounts below along with the current rate for comparison.

Product Name Current rate As at 25 March As at 2 April
9928 Super Tracker 1.27% Gross pa/AER 0.77% Gross pa/AER 0.62% Gross pa/AER
9930 Online Super Tracker 1.27% Gross pa/AER 0.77% Gross pa/AER 0.62% Gross pa/AER
Product Name Current rate As at 25 March As at 2 April
9927 Super Tracker Cash ISA 1.27% Tax-free pa/AER 0.77% Tax-free pa/AER 0.62% Tax-free pa/AER
9929 Online Super Tracker Cash ISA 1.27% Tax-free pa/AER 0.77% Tax-free pa/AER 0.62% Tax-free pa/AER
10585 Cash ISA Tracker 1.21% Tax-free pa/AER 0.71% Tax-free pa/AER 0.56% Tax-free pa/AER
10586 Online Cash ISA Tracker 1.21% Tax-free pa/AER 0.71% Tax-free pa/AER 0.56% Tax-free pa/AER
10656 Special Edition Cash ISA Tracker 1.36% Tax-free pa/AER 0.86% Tax-free pa/AER 0.71% Tax-free pa/AER
10657 Online Special Edition Cash ISA Tracker 1.36% Tax-free pa/AER 0.86% Tax-free pa/AER 0.71% Tax-free pa/AER

Financial Services Compensation Scheme

Your eligible deposits with Skipton Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

Learn more about the FSCS

FSCS - Protecting Your Money
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