On 7 November 2024, the Bank of England decreased its base rate by 0.25%. Please see below how this change will impact your savings or mortgage with the Cumberland.
This is the interest rate set by the Bank of England for lending to banks and building societies. Providers will use this, along with market position and cost of funding, to help determine the interest rates for some mortgage and savings products.
We are decreasing our Residential, Buy To Let & Commercial Standard Variable Rates from 1st December 2024 as follows:
For those mortgages that have a Discounted Variable Rate product linked to SVR, rates will decrease by 0.20%. For those mortgages that have a Discounted Variable Rate product linked to BTL SVR or CVBR, rates will decrease by 0.25%
No. You will be unaffected by the change if you have a Fixed Rate mortgage product. The interest rate will remain the same on your product until it reaches the end of its term. We will then contact you around that time to discuss your options.
If you have a mortgage product that directly tracks the Bank of England base rate, your interest rate will change in line with the 0.25% decrease from 1st December 2024. We will write to customers impacted by this change during November 2024 with details of their new monthly payment which will be due at the end of December 2024.
Yes. If you have a Residential mortgage product on a Discounted Variable Rate or Standard Variable Rate, your interest rate will decrease by 0.20 % from 1st December 2024. We will write to customers impacted by this change during November 2024 with details of their new monthly payment which will be due at the end of December 2024.
Yes. If you have a Buy To Let or Commercial mortgage product on a Discounted Variable Rate or Standard Variable Rate, your interest rate will decrease by 0.25 % from 1st December 2024. We will write to customers impacted by this change during November 2024 with details of their new monthly payment which will be due at the end of December 2024.
No. You will be unaffected by the change if you have a Fixed Rate savings product. The interest rate will remain the same on your product until it reaches the end of its term. We will then contact you around that time to discuss your options.
We are still considering our approach to the Bank of England announcement made on 7th November 2024. Further information will be provided once our approach has been confirmed. Details of the new rates will be shown on our website once they have been agreed.
There are no changes to standard personal or business overdraft rates as a result of these changes. Business customers with individual negotiated overdraft rates will be contacted separately to explain how the base rate decrease will affect them.