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: 14 February 2020.
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
** If you wish to look at historical data, visit the Bank of England website.
The circumstances will remain exceptional for as long as either one of these tests continues to be satisfied.
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.