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Bank of England Base Rate Increase - Mortgage FAQs

  • Will you be updating your mortgage interest rates for new borrowers?

    Following the recent Bank of England interest rate announcement, the Society has reviewed the impact on its mortgage interest rates and all variable rate mortgage products will be subject to a rate ​increase with effect from 1st October 201​8. If you are in the process of applying for a mortgage and have had an appointment with a Teachers Building Society mortgage advisor, your mortgage product will be reserved for 14 days following the appointment to allow for applications to be returned. 
  • As the Bank of England base rate has recently ​increased, will you be reviewing your Standard Variable Rate (SVR)?

    Yes, we are increasing our Standard Variable Rate (SVR) by 0.25% with effect from 1st October 2018. The SVR for residential mortgages will be ​increased from 4.99% to ​5.24% and our Buy-to-Let SVR and commercial SVR will ​also be increased by 0.25%. ​All affected mortgage customers will be notified in writing in September.
  • My mortgage application is currently being processed by the Society. How will the Bank of England interest rate change affect my mortgage interest rate?

    For customers with a fixed rate mortgage, the Bank of England base rate change has no impact on your mortgage application. For customers with a discounted variable rate (which is linked to the Society's Standard Variable ​Rate), your mortgage rate will reflect the new SVR applicable to your mortgage product from 1st October 201​8.
  • I have received a mortgage offer from the Society. Will I receive a new offer following the Bank of England base rate change?

    If you have accepted your mortgage offer and are due to complete by 30th September 201​8, the recent Bank of England base rate change will have no impact on your mortgage offer which will remains valid until its expiry date. If you have not yet accepted your mortgage offer, ​you will be notified in writing of ​the impact of the reduction to the Society's standard variable rate. 
  • I am an existing mortgage customer with the Society. What impact will the Bank of England interest rate change have on my mortgage payments?

    Fixed rate mortgage customers will see no change to their monthly mortgage payments as fixed rate products offer stability against interest rate fluctuations. Mortgage payments remain unchanged until the expiry of your fixed rate period. The Society will write to you 3 months before the expiry of your mortgage product to offer the latest product options available at this time.

    For customers with a standard variable rate mortgage or a discounted variable rate mortgage (which is linked to the Society's standard variable rate), ​we are ​increasing our SVR and you will be notified in writing of ​your new monthly mortgage payments in September. 
  • I AM CONCERNED THAT I MAY NOT BE ABLE TO AFFORD MY NEW MONTHLY PAYMENTS. WHAT ARE MY OPTIONS?

    If you are concerned that you may not be able to afford an increased monthly mortgage payment, we're here to help. Please click here to see how we can support you.

    Alternatively, please click here for advice on paying your mortgage from the Building Societies Association and the Money Advice Trust.

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