On 19 March 2020 the Bank of England's Monetary Policy Committee (MPC) announced that the Base Rate would decrease from 0.25% to 0.10%.
In common with all other banks and building societies, the base rate is one of the many elements we take into account in setting both our mortgage and savings interest rates and so both our savings and borrowing customers will be impacted by the change.
Our variable mortgage rates will decrease by 0.65% from 26 March 2020. The new rates are shown below
|Mortgage Variable Rate||5.14%|
|Standard Variable Rate||5.14%|
|Buy to Let Mortgage Variable Rate||5.14%|
|Buy to Let Standard Variable Rate||5.14%|
We will write to you with your new monthly repayment details no later than 16 April 2020.
If you have a fixed rate mortgage then your monthly repayment won't change until you come to the end of your fixed rate period.
We will be decreasing the interest rate by up to 0.50% on many of our variable rate savings products from 1 May 2020.
If you have a fixed rate savings product your interest rate will not change until the end of the fixed rate period.
If the rate on your account is changing, we will write to you no later than 16 April 2020 with details of the interest rates which apply to your savings account. You can view the current interest rates here and this page will be updated with the new rates on 1 May 2020.