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Update 27 March 2020

The Bank of England announced a change to its Bank Rate on 11 March 2020, decreasing it from 0.75% to 0.25%. The Bank of England made a second announcement on 19 March 2020 to reduce the Bank Rate further from 0.25% to 0.10%.

SAVINGS

Savings accounts that are directly linked to the Bank of England Bank Rate 

We've reviewed the interest rate of our variable rate savings accounts, and these will decrease from 1 April 2020. We'll write to all members with a variable rate account that is affected in the next few weeks to let them know the revised interest rate for their account.

MORTGAGES

Tracker rate mortgages

The interest rate on these mortgages is directly linked to the Bank of England Bank Rate and will decrease from 25 April 2020. These changes take place automatically as per account terms and conditions. We'll write to members who have these mortgages shortly to let them know their revised payment amount.

Managed Mortgage Rates

We will be reducing some of our Managed Mortgage Rates by up to 0.65% from 25 April 2020. If your monthly mortgage payment will change as a result of this reduction, we will write to you in the next few weeks with your new monthly payment amount.

Our Managed Mortgage Rates are listed below, including the current and new rate, where applicable.

Type Interest calculatedProductCurrent rateNew rateRate effective
Owner occupierMonthlyManaged Mortgage Rate5.04%4.39%25 April 2020
Owner occupierMonthlyFlexi Managed Mortgage Rate5.14%4.49%25 April 2020 
Owner occupierMonthlyIslands' Managed Mortgage Rate5.04%n/an/a
Owner occupierMonthlyStandard Variable Rate5.04%4.39%25 April 2020 
Owner occupierMonthlyFlexi Standard Variable Rate5.14%4.49%25 April 2020 
Owner occupierMonthlyFlexi Loyalty Rate4.89%4.24%25 April 2020 
Owner occupierMonthlyManaged Variable Rate (Repayment)2.09%n/an/a
Owner occupierMonthlyManaged Variable Rate (Interest-Only)2.59%n/an/a
Owner occupierAnnualStandard Variable Rate4.94%4.29%25 April 2020 
Owner occupierAnnualLoyalty Rate4.64%4.04%25 April 2020 
Owner occupierAnnualLoyalty Discount 0.75%4.19%3.54%25 April 2020 
Buy to LetMonthlyManaged Mortgage Rate5.79%5.14%25 April 2020 
Buy to LetMonthlyStandard Variable Rate5.79%5.14%25 April 2020 
Buy to LetAnnualStandard Variable Rate5.69%5.04%25 April 2020 
Buy to LetAnnualVariable Residential Investment Loyalty Rate5.44%4.79%25 April 2020