Melton Variable Rates
Last updated – 18th December 2025
After its meeting on 18th December 2025, the Bank of England’s Monetary Policy Committee voted to reduce the Base Rate by 0.25% to 3.75%.
As a mutual, we remain committed to balancing the needs of both savers and borrowers, ensuring that we pay a fair rate to our savers and charge a reasonable rate of interest on our mortgage products. With that in mind we took the decision to reduce our Standard Variable Rate (SVR) to 8.14% on 25th November 2025. When reducing our Standard Variable Rate on 25th November 2025 we took into consideration a potential reduction in the Base Rate in December. We therefore we do not anticipate any immediate changes to our SVR, we will however continue to closely monitor the effect of the Base Rate reduction closely.
Base Rate Tracker Mortgages will reduce by 0.25% with effect from 26th January 2026.
Bank of England base rate – currently 3.75%, since 18th December 2025.
Standard Variable Rate – currently 8.14% as of 25th November 2025.
Historical MBSL (Credit Repair) Standard Variable Rate – currently 8.64% as of 25th November 2025.
What is the Bank of England base rate?
The Bank of England base rate is the single most important interest rate in the UK. It might often be referred to as ‘Bank Rate’ or even just ‘the interest rate’.
The Monetary Policy Committee sets the base rate. The committee determines this rate to meet the target that the Government sets to keep inflation low and stable.
The base rate can influence the interest rate you pay on your mortgage or the interest rate you receive on your savings account, even if they are not directly linked.
For more information on the Bank of England base rate you can visit their website here.
What does this mean for your savings account?
We’re currently reviewing our rates in light of the last Bank of England base rate change. We’ll update this page and will write to you directly if the rate on your account is going to change.
More information
If you have any concerns about financial difficulty, please contact the Mortgage Services Team on 01664 414141 so we can help support you.
If you can’t find what you’re looking for, or would prefer to talk to us, you can! Get in touch with your local branch or call us on 01664 414141.
