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Ipswich Building Society lifts standard variable interest rates

PUBLISHED: 14:53 03 January 2018

Richard Norrington, chief executive of Ipswich Building Society.

Richard Norrington, chief executive of Ipswich Building Society.

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Ipswich Building Society has made changes to its savings and mortgage rates following the Bank of England’s move in November to lift its base rate by 0.25% to 0.5%.

The society’s standard variable rate for mortgages has increased from 5.24% to 5.49%, with effect from January 1 − reversing a reduction applied on October 1, 2016.

Its variable rate savings products have been individually reviewed, but with increases effective from the same date.

Richard Norrington, chief executive, said: “Ipswich Building Society operates a simple business model, balancing the money we take in from savers and that which we lend out to borrowers.

“Following the Bank of England’s announcement in November, we are implementing changes to our savings and mortgage rates in order to equally balance the interests of our members.

“We continue to support members with savings goals along with those who may wish to buy a home or remortgage but find themselves ‘mortgage misfits’, left out by the automated lenders. By using our personal approach to underwriting we are able to offer choice while retaining a diligent approach to lending.”

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