Bank of England base rate change

On Thursday 2 November, the Bank of England increased the base rate from 0.25% to 0.50%.

All variable rate mortgages indexed to the Bank of England base rate will increase by 0.25%, in line with existing terms and conditions. All other variable rates, including the TMW Managed Rates, will remain unchanged.

Any customers affected will see a change to their mortgage payments from Friday 1 December and we’ll write to you by this date to notify you of your new interest rate and monthly payment.

To help you see what the Bank of England base rate change means for your interest only mortgage, we’ve created an example table below based on an increase of 0.25%.

For more information, please read our FAQs.

Mortgage balance Interest only monthly increase Interest only annual increase
£50,000
£10
£120
£75,000
£16
£192
£100,000
£21
£252
£125,000
£26
£312
£150,000
£31
£372
£175,000
£36
£432
£200,000
£42
£504
£225,000
£47
£564
£250,000
£52
£624

Figures based on an interest only mortgage