Progressive Building Society SVR update
Further to last week’s Bank of England Base rate increase of 0.5%, I can confirm that we will ONLY be passing on 0.3% to our Standard Variable Rate. Therefore from 1 March 2023 our SVR will increase from 7.29% to 7.59%. Please note that this is the third change in a row that we have not passed on the full Bank of England increase to our Standard Variable Rate. Remember, we offer a Variable Discount off our SVR and don’t offer a Base Rate Tracker.
If you are sourcing one of our Variable Discounts, please ensure to tick both Discount and Variable boxes on your system to ensure that our products are displayed.
I am also enclosing again a form that our solicitors require a signature on regarding a re mortgage case and will speed up the process for you and your clients.