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Skipton Building Society has confirmed it will only increase its standard variable rate by 25 basis points, despite the Bank of England announcing a 50 basis point increase in the base rate today. This decision, made ahead of the BoE announcement, comes after Skipton declined to pass on last month’s rate rise to its
Leading banks have increased mortgage rates by up to 0.5%, bringing misery to hard-pressed UK families. The Bank of England has increased the base interest rate from one per cent to 1.25 per cent.
Following the decision of the Bank of England to increase its base rate to 0.75%, Skipton Building Society has announced that it will not pass on the increase to its customers on Standard Variable Rate (SVR) or Mortgage Variable Rate (MVR).