Mortgage Interest Rates

Our interest rates fall into two main categories:

Fixed interest rate

The interest rate you pay will stay the same throughout the length of the fixed rate period that you choose for your mortgage, no matter what happens to interest rates - such as a change in the Bank of England (BoE) Base rate or the Society’s Standard Variable Rate (SVR).

A fixed rate gives you the assurance that during the fixed rate period, your monthly payment won’t change. This could be suitable for you if you want the certainty of knowing exactly what you’ll pay each month and don't want to be at risk of future interest rate rises within the fixed rate period.

It’s important to note that even if interest rates go down, you’ll still pay the same monthly payment for your mortgage.

Variable interest rate

A variable interest rate can change at any time and tends to be affected by changes in external rates, such as the BoE Base rate. The Society’s SVR is influenced by the BoE base rate and, while it’s not directly linked to it, our SVR may go up or down as the base rate changes.

This means that your monthly payments can rise and fall as interest rates change. The level of the interest rate change can also vary, from a small rise or fall to a large rise or fall.

As the level of rate change and how often these changes happen are unpredictable, you need to be comfortable that you can cover the monthly payments if the rate increases.

Discounted mortgages are variable rate mortgages set at a certain percentage below our SVR for a specified term.

Your monthly repayments will rise and fall as our SVR rises and falls.

Our mortgage advisers can help decide on which type of rate is suitable for your needs.

Our current SVR as of 1 April 2025, is 7.99%.