Coventry Building Society has announced that its Standard Variable Rate (SVR) for its mortgage borrowers will stay unchanged.

This follows the Bank of England’s rate increase today of 0.25% taking the base rate to 4.5% – the highest for 15 years.

Coventry has however confirmed interest rate increases of up to 0.25% on its variable savings accounts from 1 June 2023.

Coventry Building Society head of product performance Ian Biggs comments: “This is the eleventh time we’ve announced variable savings rate increases since January last year, and this time, we’re also ensuring borrowers on our SVR will see no changes to their mortgage interest rate, demonstrating our commitment to delivering excellent long-term value to all our members.