Bank of England Bank Rate change

The Bank Rate, also known as the Bank of England base rate is 5.25%. An increase of 0.25% and was announced by the Bank of England on 3 August 2023.

Variable rate mortgages

On 1 September 2023, we increased variable rate mortgages indexed to the Bank Rate by 0.25% in line with existing terms and conditions.

We reviewed our managed rates and other variable rates and decided not to pass on the latest Bank Rate change. We'll continue to review the position and will notify impacted customers if things change in the future.

Fixed rate mortgages

Nothing will change if you're on a fixed rate mortgage. Your interest rate and monthly payments are fixed until the end of your deal period.

Is your mortgage deal ending soon?

If you're coming to the end of your current deal, you can switch to one of our latest deals online, switch your mortgage.

If you’ve already chosen a new deal but the switch hasn’t happened yet, don’t worry:

  • If you've selected your new product and accepted your offer, this will all take place as requested
  • We will write to you if the deal you’ve chosen is a variable rate and will be impacted by the Bank Rate change
  • We’ll send you a confirmation letter with the details of your new mortgage and monthly payments, in the first 5 working days of the month after the switch has completed.

You can find information online about your mortgage with us, including your mortgage rate, next payment date and amount.

Explore my mortgage