Variable Rate Ceiling Information

From the late 1990s to 2008, some of our mortgage products included a variable rate ceiling guarantee. This guarantee was withdrawn in February 2010.

We wrote to all our affected borrowers in December 2009 to explain how this may impact their mortgage.

At this time we also set out what measures needed to be in place for the ceiling to be reinstated and they are as follows:

● The Bank of England base rate is above 2.70%
● The Bank of England base rate minus the quoted household branch-based instant access rate* is more than 2.50% for a three-month period.

You can see the performance of this measure here.

*On 1 January 2013, the Bank of England discontinued the quoted household branch-based instant access rate and it was replaced with an alternative Bank of England measure. For a short period, both of these rates were published simultaneously and during this time, the new rate was consistently higher. As a result, the criteria for the reinstatement of the ceiling was re-defined and is set out below:

● The Bank of England base rate is above 2.7%
● The Bank of England base rate minus the quoted household branch-based instant access rate is more than 2.27% for a three-month period.

In February 2023, both of these conditions were met and as such, the variable rate ceiling was reinstated. This means our residential standard variable rate will remain no more than 2.5% above the Bank of England base rate.

Table Notes:


1. The Bank of England base rate is above 2.70%. However, as the base rate minus the quoted household branch-based instant access rate has not been more than 2.27% for the required three-month period, exceptional circumstances exist.

2. The Bank of England base rate is above 2.70% and the base rate minus the quoted household branch-based instant access rate has been more than 2.27% for the required three-month period. As a result, exceptional circumstances no longer exist and the variable rate ceiling guarantee is in effect. This means, the residential standard variable rate will remain no more than 2.50% above the Bank of England base rate.

Date End month official Bank Base Rate

Monthly Interest Rate of UK Monetary financial institutions (excl Central Bank) sterling instant access deposits excluding unconditional bonuses from households (in percent) not seasonally adjusted (IUMB6VK)

Differential against Bank Base Rate Status
29 Feb -24 5.25% 2.74% 2.51% Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Jan-24 5.25% 2.74% 2.52% Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Dec-23 5.25% 2.73% 2.52% Variable Rate Ceiling Guarantee is in effect (Note 2)
30 Nov-23 5.25% 2.72% 2.53% Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Oct-23 5.25% 2.70% 2.56% Variable Rate Ceiling Guarantee is in effect (Note 2)
30 Sept-23 5.25% 2.68% 2.58% Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Aug-23 5.25% 2.49% 2.76 Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Jul-23 5.00% 2.18% 2.82 Variable Rate Ceiling Guarantee is in effect (Note 2)
30 Jun-23 5.00% 1.77% 3.23 Variable Rate Ceiling Guarantee is in effect (Note 2)
31 May-23 4.50% 1.69% 2.81 Variable Rate Ceiling Guarantee is in effect (Note 2)
30 Apr-23 4.25% 1.58% 2.67 Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Mar-23 4.25% 1.48% 2.77 Variable Rate Ceiling Guarantee is in effect (Note 2)
28 Feb-23 4.00% 1.39% 2.61 Variable Rate Ceiling Guarantee is in effect (Note 2)
31 Jan-23 3.50% 1.21% 2.29  Exceptional Circumstances still exist (Note 1)
31-Dec-22 3.50% 1.17% 2.33 Exceptional Circumstances still exist (Note 1)
30-Nov-22 3.00% 0.96% 2.04 Exceptional Circumstances still exist (Note 1)
31-Oct-22 2.25% 0.89% 1.36 Exceptional Circumstances still exist
30-Sept-22 2.25% 0.60% 1.65 Exceptional Circumstances still exist
31-Aug-22 1.75% 0.44% 1.31 Exceptional Circumstances still exist
31-July-22 1.25% 0.39% 0.86 Exceptional Circumstances still exist
30-Jun-22 1.25% 0.29% 0.96 Exceptional Circumstances still exist
31-May-22 1.00% 0.24% 0.76 Exceptional Circumstances still exist
30-Apr-22 0.75% 0.21% 0.54 Exceptional Circumstances still exist
31-Mar-22 0.75% 0.15% 0.60 Exceptional Circumstances still exist
28-Feb-22 0.50% 0.11% 0.39 Exceptional Circumstances still exist
31-Jan-22 0.25% 0.11% 0.14 Exceptional Circumstances still exist
31-Dec-21 0.25% 0.11% 0.14 Exceptional Circumstances still exist
30-Nov-21 0.10% 0.10% 0.00 Exceptional Circumstances still exist
31-Oct-21 0.10% 0.11% -0.01 Exceptional Circumstances still exist
30-Sep-21 0.10% 0.10% 0.00 Exceptional Circumstances still exist
31-Aug-21 0.10% 0.08% 0.02 Exceptional Circumstances still exist
31-Jul-21 0.10% 0.07% 0.03 Exceptional Circumstances still exist
30-Jun-21 0.10% 0.06% 0.04 Exceptional Circumstances still exist
31-May-21 0.10% 0.06% 0.04 Exceptional Circumstances still exist
30-Apr-21 0.10% 0.06% 0.04 Exceptional Circumstances still exist
31-Mar-21 0.10% 0.06% 0.04 Exceptional Circumstances still exist
28-Feb-21 0.10% 0.06% 0.04 Exceptional Circumstances still exist
31-Jan-21 0.10% 0.06% 0.04 Exceptional Circumstances still exist
31-Dec-20 0.10% 0.06% 0.04 Exceptional Circumstances still exist
30-Nov-20 0.10% 0.06% 0.04 Exceptional Circumstances still exist
31-Oct-20 0.10% 0.07% 0.03 Exceptional Circumstances still exist
30-Sept-20 0.10% 0.07% 0.03 Exceptional Circumstances still exist
31-Aug-20 0.10% 0.06% 0.04 Exceptional Circumstances still exist
31-Jul-20 0.10% 0.09% 0.01 Exceptional Circumstances still exist
30-Jun-20 0.10% 0.16% -0.06 Exceptional Circumstances still exist
31-May-20 0.10% 0.21% -0.11 Exceptional Circumstances still exist
30-Apr-20 0.10% 0.26% -0.16 Exceptional Circumstances still exist
31-Mar-20 0.10% 0.36% -0.26 Exceptional Circumstances still exist
29-Feb-20 0.75% 0.39% 0.36 Exceptional Circumstances still exist
31-Jan-20 0.75% 0.39% 0.36 Exceptional Circumstances still exist
31-Dec-19 0.75% 0.39% 0.36 Exceptional Circumstances still exist
30-Nov-19 0.75% 0.41% 0.34 Exceptional Circumstances still exist
31-Oct- 19 0.75% 0.43% 0.32 Exceptional Circumstances still exist
30-Sep-19 0.75% 0.42% 0.33 Exceptional Circumstances still exist
31-Aug-19 0.75% 0.42% 0.33 Exceptional Circumstances still exist
31-Jul-19 0.75% 0.41% 0.34 Exceptional Circumstances still exist
30-Jun-19 0.75% 0.42% 0.33 Exceptional Circumstances still exist
31-May-19 0.75% 0.43% 0.32 Exceptional Circumstances still exist
30-Apr-19 0.75% 0.44% 0.31 Exceptional Circumstances still exist
31-Mar-19 0.75% 0.43% 0.32 Exceptional Circumstances still exist
28-Feb-19 0.75% 0.38% 0.37 Exceptional Circumstances still exist
31-Jan-2019 0.75% 0.25% 0.50 Exceptional Circumstances still exist
31-Dec-18 0.75% 0.25% 0.50 Exceptional Circumstances still exist
30-Nov-18 0.75% 0.25% 0.50 Exceptional Circumstances still exist
31-Oct-18 0.75% 0.25% 0.50 Exceptional Circumstances still exist
30-Sep-18 0.75% 0.25% 0.50 Exceptional Circumstances still exist
31-Aug-18 0.75% 0.20% 0.55 Exceptional Circumstances still exist
31-Jul-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
30-Jun-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
31-May-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
30-Apr-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
31-Mar-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
28-Feb-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
31-Jan-18 0.50% 0.19% 0.31 Exceptional Circumstances still exist
31-Dec-17 0.50% 0.19% 0.31 Exceptional Circumstances still exist
30-Nov-17 0.50% 0.10% 0.40 Exceptional Circumstances still exist
31-Oct-17 0.50% 0.09% 0.41 Exceptional Circumstances still exist
30-Sept-17 0.25% 0.11% 0.14 Exceptional Circumstances still exist
31-Aug-17 0.25% 0.12% 0.13 Exceptional Circumstances still exist
31-Jul-17 0.25% 0.12% 0.13 Exceptional Circumstances still exist
30-Jun-17 0.25% 0.13% 0.12 Exceptional Circumstances still exist
31-May-17 0.25% 0.13% 0.12 Exceptional Circumstances still exist
30-Apr-17 0.25% 0.13% 0.12 Exceptional Circumstances still exist
31-Mar-17 0.25% 0.13% 0.12 Exceptional Circumstances still exist
28-Feb-17 0.25% 0.13% 0.12 Exceptional Circumstances still exist
31-Jan-17 0.25% 0.13% 0.12 Exceptional Circumstances still exist
31-Dec-16 0.25% 0.13% 0.12 Exceptional Circumstances still exist
30-Nov-16 0.25% 0.22% 0.03 Exceptional Circumstances still exist
31-Oct-16 0.25% 0.22% 0.03 Exceptional Circumstances still exist
30-Sept-16 0.25% 0.25% 0.00 Exceptional Circumstances still exist
31-Aug-16 0.25% 0.25% 0.00 Exceptional Circumstances still exist
31-Jul-16 0.50% 0.30% 0.20 Exceptional Circumstances still exist
30-Jun-16 0.50% 0.30% 0.20 Exceptional Circumstances still exist
31-May-16 0.50% 0.30% 0.20

Exceptional Circumstances still exist

30-Apr-16 0.50% 0.30% 0.20 Exceptional Circumstances still exist
31-Mar-16 0.50% 0.33% 0.17 Exceptional Circumstances still exist
29-Feb-16 0.50% 0.33% 0.17 Exceptional Circumstances still exist
31-Jan-16 0.50% 0.37% 0.13 Exceptional Circumstances still exist
31-Dec-15 0.50% 0.38% 0.12 Exceptional Circumstances still exist
30-Nov-15 0.50% 0.39% 0.11 Exceptional Circumstances still exist
31-Oct-15 0.50% 0.39% 0.11 Exceptional Circumstances still exist
30-Sep-15 0.50% 0.39% 0.11 Exceptional Circumstances still exist
31-Aug-15 0.50% 0.39% 0.11 Exceptional Circumstances still exist
31-Jul-15 0.50% 0.39% 0.11 Exceptional Circumstances still exist
30-Jun-15 0.50% 0.38% 0.12 Exceptional Circumstances still exist
31-May-15 0.50% 0.40% 0.10 Exceptional Circumstances still exist
30-Apr-15 0.50% 0.38% 0.12 Exceptional Circumstances still exist
31-Mar-15 0.50% 0.38% 0.12 Exceptional Circumstances still exist
28-Feb-15 0.50% 0.38% 0.12 Exceptional Circumstances still exist
31-Jan-15 0.50% 0.38% 0.12 Exceptional Circumstances still exist
31-Dec-14 0.50% 0.42% 0.08

Exceptional Circumstances still exist

30-Nov-14 0.50% 0.41% 0.09 Exceptional Circumstances still exist
31-Oct-14 0.50% 0.42% 0.08 Exceptional Circumstances still exist
30-Sept-14 0.50% 0.42% 0.08 Exceptional Circumstances still exist
31-Aug-14 0.50% 0.42% 0.08 Exceptional Circumstances still exist
31-Jul-14 0.50% 0.42% 0.08 Exceptional Circumstances still exist
30-Jun-14 0.50% 0.48% 0.02 Exceptional Circumstances still exist
31-May-14 0.50% 0.49% 0.01 Exceptional Circumstances still exist
30-Apr-14 0.50% 0.49% 0.01 Exceptional Circumstances still exist
31-Mar-14 0.50% 0.49% 0.01 Exceptional Circumstances still exist
28-Feb-14 0.50% 0.49% 0.01

Exceptional Circumstances still exist

31-Jan-14 0.50% 0.47% 0.03 Exceptional Circumstances still exist

Source: Bank of England