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Exceptional circumstances

The circumstances currently prevailing are exceptional under each of two separate tests, which have been defined by the Society's Board as follows:

Last Updated: 11 May 2022.

1. Base Rate is less than or equal to 2.7%

Current Level Threshold Status

Bank of England Base Rate
(last changed 05/05/2022)

1.00% 2.70% Exceptional circumstances still prevail
Bank of England Base Rate as of May 2022 graph

2. Base Rate minus the UK average Instant Access savings rate (as published monthly by the Bank of England) is less than or equal to 2.25% for each of the three preceding months

Latest Status
UK average Instant Access savings rate** 0.20% Exceptional circumstances still prevail

Bank of England Base Rate

1.00%

Difference between UK average Instant Access savings rate and Bank of England Base Rate

0.80%

** If you wish to look at historical data, visit the Bank of England website.

Bank of England Base Rate minus UK average savings graph May 2022

The circumstances will remain exceptional for as long as either one of these tests continues to be satisfied.

Overall status:

Exceptional circumstances still prevail

We have promised to track the performance of these two tests and advise when they no longer prevail. When this happens, we will voluntarily reinstate the ceiling for customers who had the benefit of it under their mortgage terms, provided no other exceptional circumstances have arisen in the meantime.

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