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 you if you're affected.

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

  • To reduce the impact of increased interest on your mortgage balance, you can increase your mortgage payments sooner by requesting a payment recalculation online.
  • If we don’t hear from you, you’ll be charged a higher rate of interest from 27 August 2023 but we won’t increase your repayments.  
  • As you’d be paying back less interest than you’re being charged, this will increase the amount you owe and could make a considerable difference to your mortgage payments from March 2024.

If you're worried about paying your mortgage now or in the future, find out how we can help.

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.

Not sure which mortgage you have?

You can find out your mortgage type by checking your most recent annual statement or mortgage offer. 

General FAQs

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 the interest rates we provide on our mortgages.

The Bank of England’s Monetary Policy Committee regularly reviews the base rate (normally monthly) to determine whether a change is needed.