Following the Bank of England’s reduction in Bank Base Rate from 0.75% to 0.25% on the 11 March 2020, Hinckley & Rugby Building Society has amended its Standard Variable Rate from 6.14% to 5.89%. Customers with eligible mortgage tracker and variable rate products will see a reduction in their rate. This change will take effect from 9 April 2020 and letters are being sent to all our Members advising them of the revised interest rate for their mortgage and their revised repayments.
The Bank of England announced a further reduction in Bank Base Rate on the 19 March 2020 from 0.25% to 0.1% and the Society is considering its response to this change. Members will be advised in writing of any interest rate reductions.
The Society is reviewing its mortgage products currently on sale and will be announcing any revisions to pricing for this range shortly.
Letters outlining the Society’s new rates following the reduction in the Bank Base Rate to 0.25% announced on 11 March have already been posted to all savers. The Society is now assessing the impact of the further reduction to 0.1% made on 19 March and will announce any revisions to rates in due course.