Rises in Interest Rates
We are aware that there has been significant press coverage regarding interest rate rises. If you have concerns about interest rate rises please do not hesitate to contact us on 0800 378 669.
We have put together some Q&A’s which may help you:
When will interest rates rise?
We do not know when an interest rate rise will happen.
How much will interest rates rise by?
We are not in a position to comment on how much interest rates will rise by. The Bank of England has in the past indicated that it is likely that they will rise steadily and in small increments.
How soon after the Bank of England increases interest rates will you increase the interest rate on my mortgage?
We can not give a definitive answer, as there are many variables to consider before we would raise our standard variable rate that will affect the interest rate on your mortgage. If we do increase our standard variable rate you will be notified in advance in writing.
Can I change my mortgage to a fixed rate?
If you wish to enquire about changing the product on your mortgage account you will need to contact our Mortgage Administration Team, who will be happy to discuss options available to you. Please call us on 0800 378 669.
What should I do if I feel I cannot afford an increase in my mortgage payment?
You should contact our Mortgage Administration Team, who will be happy to talk through your concerns. If you wish to speak to the Society regarding this, please call us on 0800 378 669.
Additionally, if you feel you are struggling with your finances, you can seek free independent money advice from the following places: