Building Society Base Rate explained and available mortgage help
Building Society Base Rate, unlike the Bank Base Rate is not geared to the Bank of England Base Rate, although it is directly influenced by it.
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This page takes a look at Building Society Base Rate (more commonly known as the Standard Variable Rate (SVR)), and how we might be able to help with a Mortgage at Standard Variable Rate even if you have credit problems.
Table of Contents:
What is Building Society Base Rate?
So as we mentioned above, the Building Society Base Rate unlike the Bank Base Rate is not geared to the Bank of England Base Rate. However, it is directly influenced by it.
The main difference here is that each individual Building Society will set its own Base Rate, which is more commonly known as the Standard Variable Rate (SVR), rather than using the Bank Base Rate (BBR) as a basis from which to add margins.
The Building Society Base Rate, or SVR, is generally expressed as being higher than the Bank Base Rate, although it should be remembered that the Building Society's SVR already includes the margin of profit, which the Bank Base Rate doesn't! So, unlike the Bank Base Rate (BBR), a building society's customer can access the society's Standard Variable Rate (SVR) without any addition of margin interest.
I have credit problems, would I still qualify for a Standard Variable Rate mortgage from a Building Society?
Well, it depends on the extent of the credit difficulties you have encountered. It's probably a good idea to give one of our qualified mortgage advisors a call to discuss the options that may be available to you, and to get an in-principle decision.
You'll find our service to be both friendly and professional without being stuffy. Of course, we will carefully look at your needs and requirements, and take into account your circumstances and aspirations and find the most appropriate solution for you.
So, please don't hesitate to Contact Us if you think we could be of assistance. Our Freephone number 08000 282 281 is available seven days a week until 10.00pm, or if you prefer, you can also enquire online at any time.
Further mortgage and remortgage assistance available from Shire Direct
We hope we've managed to explain Building Society Base Rate for you. Remember, our website is jam-packed full of useful mortgage and remortgage information and help, so why not take 10 minutes out and have a look around, and if you feel we could be of assistance, please do get in touch, we'd love to hear from you!
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
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