Tracker mortgage interest rates will increase on 5 March 2023
We will write to customers to let them know what their new rate will be.
Tracker mortgage payments won't increase until March 2024, unless customers contact us
- We are writing 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 5 March 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
Our Standard Variable Rate (SVR) hasn't changed.
Our SVR is increasing by 0.50% to 6.99% on 5 February due to the BoE increase on 15 December 2022. This will affect customers who are on SVR or have a mortgage linked to SVR. We will contact customers if they are affected.
If there are further changes to the tracker rates after 2 February 2023 we will contact customers if they are affected.
Fixed rate mortgages
There is no change to fixed rate mortgages.
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