Skipton maintains current SVR following Bank Rate rise
Following yesterday’s decision by the Bank of England to increase its base rate to 0.75%, Skipton Building Society has announced it will not pass on the increase to its customers on variable rate mortgages and will be making rate increases on the majority of its variable savings products.
"We have taken the decision to hold our MVR/SVR rates at current levels – we believe it’s the right thing to do for our borrowers."
As a result of the increases, all of Skipton’s variable savings accounts will pay 0.50% or higher.
Following last month's Bank Rate increase, Accord Mortgages announced that it would maintain its standard variable rate (SVR).
Ian Cornelius, Skipton’s commercial director, said: “With households facing the highest inflation rate for many years and customers facing soaring energy bills, it’s our duty to help our customers during these challenging times. That is why we have taken the decision to hold our MVR/SVR rates at current levels – we believe it’s the right thing to do for our borrowers.
“For our savers we’re raising rates across a number of our accounts which means all of our variable savings rates will be paying 0.50% or above.”
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