Changes to our interest rates following Bank of England Base Rate change on 2nd August

On Thursday 2 August 2018 the Bank of England Base Rate increased from 0.50% to 0.75%.

The following changes will be made to reflect the Bank of England increase:

  • The Darlington Building Society Standard Variable Rate (SVR) will increase by 0.25% from 5.70% to 5.95%. This will be effective from 1 October 2018.
  • For our savers, we are committed to support those looking to buy their own houses and also our junior savers to encourage them in the savings habit. Please see our full list of past and present savings products here for our competitive rates.

What is a Standard Variable Rate?

This is our Standard Variable Rate of interest which we will charge on most mortgages at some time during the mortgage term. It is variable, which means it can change. Our SVR is a managed rate and is not directly linked to the base rate. Changes to our SVR may not be in line with, or at the same time as, changes to the Bank of England base rate. This is because other factors can also influence the rates we set.

What if I have a Discounted Variable Rate mortgage?

If you have a Discounted Variable Rate mortgage your interest rate will move in line with our SVR (it will increase by 0.25% from 1 October 2018). To see our currently available Discounted Variable Rate mortgages click here.

What if I have a Tracker Rate mortgage?

Tracker mortgage products will, in line the Bank of England Base Rate, see an increase of 0.25%. This will be effective from 1 September 2018.

Any other special terms and conditions you may have arranged with us previously will continue to apply. Some products may have minimum rates (known as ‘floors’). These floors will continue to apply regardless of the interest rate changes outlined above. You can find details of these special terms and conditions in the Key Facts Illustration or Offer of Mortgage that you will have received from us at the time they were agreed.

What if I have a Fixed Rate mortgage?

If you currently have a Fixed Rate mortgage, your rate does not change and your monthly payments will remain the same until the end of your mortgage deal. If you're not sure when your mortgage deal ends, you will find it on your latest Annual Mortgage Statement or on your original Key Facts Illustration. To see our currently available Fixed Rate mortgages click here.

Market comments Business financials Other