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Base Rate Changes

 

On 18th December, the Bank of England reduced the Base Rate of interest by 0.25% to 3.75%.

Whenever Base Rate moves, either up or down, our response is to review all the relevant available information at the time to balance the needs of savers, borrowers, and the long-term sustainability of the Society.

 
For Savings Customers:

On 1st February 2026, interest rates decreased across some of our savings products. 

Click here for full details of savings rates

 
For Mortgage Customers:

Our Standard Variable Rate remains at 7.60%.

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FAQs

What is the Bank of England (BoE) Base Rate?

The Bank of England Base Rate influences the interest rates of banks and building societies across the country. A change to the Base Rate may impact rates paid to savers and charged to borrowers. The extent of any change to savings and lending rates will be determined independently by each organisation.

What BoE Base Rate Changes have there been lately?

Bank of England Rate Change History

How does a BoE Base Rate change affect Vernon rates?

Following any change in Base Rate we always consider how we can best balance the needs of savers, borrowers, and the long-term sustainability of the Society. A change to the Base Rate won’t necessarily mean a change to savings product interest rates, or the Standard Variable Rate (SVR), which applies to our mortgages. However, having considered all relevant factors at that point in time, it may mean that we increase/decrease savings product interest rates and/or the mortgage SVR.

Mortgage Customer FAQs

How will an SVR change affect my monthly payments?

Your mortgage payments may change depending on the type of mortgage product you hold. If you have a fixed-rate mortgage with us, your rate will not be affected until the end of the fixed-rate term.

However, if your mortgage is currently on a variable rate mortgage, including a discounted rate, a change to SVR may affect your monthly payments. If SVR increases or decreases, the monthly payments will increase or decrease, unless your mortgage is on a “floored rate” in which case it will never decrease below the floored rate.

How much notice will I get before any changes come into effect?

When our SVR is due to change, we will communicate this to you at least 15 days before the change takes place. 

What other reasons might cause SVR to change?

SVR is not solely affected by changes to the Bank of England Base Rate. SVR may change to reflect any changes or anticipated changes to laws or regulations, changes to the society’s costs or to maintain our financial strength as a mutual Society for the benefit of our Members. See your mortgage T&Cs for more information.

What should I do if I’m struggling to pay my mortgage?

If you have any worries about paying your mortgage, our support team are here to help. If you have any concerns, email us at paymentsupport@thevernon.co.uk or call us on 0161 519 9319.

Savings Customer FAQs

How much notice will I get before any changes come into effect?

If interest rates increase, we will communicate the change on our website, via email and through notices in branches. If interest rates decrease, we will send a personal notice to all members with a savings balance of £100 or more 14 days before the change is due to take place. Please refer to section 10 of our General Savings T&Cs for more information.

Is my rate competitive?

We review similar accounts, holding similar levels of deposits, available in branch-based networks. We believe all our accounts compare favourably with similar types of organisations, which continue to provide personal service via branches in local communities.

Send us a Quick Enquiry

Our Customer Advisers are available Monday to Friday, 8:45 to 17:00.

If you're out of hours, drop us a message and we'll come back to you as soon as we're back in. 

Simply, complete our Quick Enquiry Form and we'll get back to you within one working day.

Contact us another way

Write to Us: 19 St Petersgate, Stockport, SK1 1HF

Email Us: info@thevernon.co.uk

Call Us: 0161 429 6262