Bank of England Base Rate Increase
The Bank of England announced on 5th May 2022 that it was increasing its Base Rate from 0.75.% to 1.00%. The Bank of England Base Rate is one of many factors which impact the interest rates we set on both our mortgage and savings accounts.
We are currently considering how this rate change will impact our variable rate mortgage and savings account customers and we will release more information as soon as we can.
Customers with fixed rate mortgage or savings accounts will not see any change in their interest rates and will not be affected by this Base Rate change.
Customers with tracker mortgages that are directly linked to the Bank of England Base Rate will see the interest rates on their mortgage accounts increase by 0.25% in June 2022. We'll write to let you know what your new interest rate and monthly payments will be.
Looking for more information? Read our Guide to the BOE Base Rate