On Thursday 3 August 2023, the Bank of England announced an increase in its base rate from 5% to 5.25%.
Bank of England increases base rate
Variable rate mortgages
We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 September 2023, in line with existing terms and conditions.
We've reviewed our managed rates and other variable rates and have decided not to pass on the latest base rate change at this time.
We'll continue to review the position and will notify impacted customers if things change in the future.
If your mortgage deal is ending
You can apply to switch:
- If your current mortgage deal is ending within 13 weeks.
- If your current mortgage deal has already ended.
- If your mortgage has the ‘Switch to Fix’ feature.
If you've already chosen your new product, paid your fees and accepted your offer, the date your switch will take place will be on your offer.
We’ll send you a confirmation letter with the details of your new mortgage and the monthly payments, in the first 5 working days of the month after the switch has completed.
Switching your mortgage soon?
If you would like to secure a product from our current existing customer range, you can do this simply by logging on to our Online Mortgage Switcher today.
Please note, our mortgages are under constant review and available products may change at any time, or be withdrawn at short notice.
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.