Melton Variable Rates
Last updated – 25th November 2025
After its meeting on 7th August 2025, the Bank of England’s Monetary Policy Committee voted to reduce the Base Rate by 0.25% to 4.00%.
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 have taken the decision to reduce our Standard Variable Rate to 8.14% with effect from 25th November 2025.
The standard variable rate of 8.44% will remain in place until the end of November. The decision to suspend the change in rate till the 25th November has been made with consideration to a few factors including:
Further MPC meetings due to be held on 18th September and 6th November
The impending upgrade of the Society’s new core system and limitations on the Society’s ability to change the standard variable rate interest mid-month due to legacy systems
For the vast majority of our customers on fixed rate mortgage products this change will not effect their payments. Those currently on a standard variable rate may have the option to secure a lower rate of interest by entering a fixed or discounted rate product, any customers considering doing so should speak with the society to assess the suitability of the product for their circumstances and the current mortgage product range.
Base Rate Tracker Mortgages will reduce by 0.25% with effect from 1st September 2025.
Bank of England base rate – currently 4.00%, since 7th August 2025.
Standard Variable Rate – currently 8.44% as of 1st February 2025, reducing to 8.14% as of 25th November 2025.
Historical MBSL (Credit Repair) Standard Variable Rate – currently 8.94% as of 1st February 2025, reducing to 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.
