If we don’t hear from them, they’ll be charged a higher rate of interest from 27 August 2023 but we won’t increase their repayments.
As customers would be paying back less interest than they’re being charged, this will increase the amount they owe and could make a considerable difference to their mortgage payments from March 2024.
Standard Variable Rate (SVR) mortgages
We increased our SVR from 7.99% to 8.24% on 24 September 2023.
Fixed rate mortgages.
There is no change to fixed rate mortgages.
The BoE base rate is the rate of interest the Bank of England charges banks and building societies to borrow money. This affects the interest rates set by those banks and building societies for their customers. Any change to base rate, may impact the interest rates on savings and mortgages.
The Bank of England’s Monetary Policy Committee (MPC) changes the base rate. It's part of the action they take to keep inflation low and stable.
The previous base rate change was from 4.50% to 5.00% on 22 June 2023.
We'd review the impact of any further base rate changes along with the market and other economic factors at the time. It may impact our mortgage interest rates.
The Bank of England’s Monetary Policy Committee regularly reviews the base rate (normally monthly) to determine whether a change is needed.
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