Bank of England Base Rate increase

The Bank of England (BoE) increased the base rate from 5.00% to 5.25% on 3 August 2023.

Tracker mortgage interest rates for existing customers will increase on 27 August 2023

We'll write to customers who are affected. 


Tracker mortgage payments won't increase until March 2024, unless customers contact us

  • We'll write to customers to let them know
  • To reduce the impact of increased interest on their mortgage balance, customers can increase their mortgage payments sooner by requesting a payment recalculation online.
  • 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.
 

General FAQs

The BoE base rate is the rate of interest that 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 the 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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