"We have actively managed our MVR/SVR rates to maintain one of the lowest rates in the market, holding back more than 50% of the base rate increases."
Skipton Building Society has announced that it will not be increasing its SVR following yesterday’s Bank of England base rate rise.
Skipton’s mortgage variable rate will stay at 6.79%, however it has confirmed that it will pass on the 0.25% Bank of England base rate rise to all of its variable rate savings accounts.
Yesterday, the Bank of England's Monetary Policy Committee voted 6-3 to increase Bank Rate by 0.25% to 5.25% - the 14th consecutive rise.
Charlotte Harrison, CEO of Home Financing at Skipton Building Society, said: “The news of another base rate increase today will be concerning many borrowers across the UK.
“As a lender we have actively managed our MVR/SVR rates to maintain one of the lowest rates in the market, holding back more than 50% of the base rate increases.
“It is crucial as a lender we offer as much support as we can to ensure borrowers can remain secure in their own homes through this turbulent time, which is why we will not be passing on today’s base rate rise.”
