With effect from 1st March 2010, the Society's Standard Variable Rate (SVR) will increase by 0.45% to 5.19%. All borrowers with mortgage products linked to the Society's administered rate (SVR) will shortly receive a personal notification of the change to their contractual mortgage repayment.

The decision to increase our Standard Variable Rate (SVR) has not been taken lightly but is a reflection of the intense competition in our core retail savings market which is the main source of our funding for mortgages. Our revised SVR is not out of line with our competitors.

If any borrower is struggling to meet their monthly repayments then please contact the Society as soon as possible to see what assistance we can provide.