Bank of England increases base rate

What's changed

On Thursday 16 June 2022, the Bank of England announced an increase in its base rate from 1% to 1.25%.

Variable rate mortgages

We’ll be increasing Managed Rates and variable rate mortgages indexed to the base rate by 0.25%, in line with existing terms and conditions.

Existing mortgage customers will see new rates take effect from 1 August 2022, and we'll be writing to these customers from 19 July 2022 to confirm the new rate and mortgage payment amount.

For new and submitted applications, the new rates will take effect from 16 July 2022.

Fixed rate mortgages

If you are on a fixed rate mortgage, nothing will change.

The interest rate and monthly payments stay the same until the end of the fixed deal.