We are continuing to review how these changes will impact our variable rate mortgages.
The questions and answers below are designed to give you the latest information available.
If you want to contact us immediately, please call us on 0345 166 9300. Please note that during rate change periods, our lines can become very busy.
I have a tracker product when will my interest rate change? Our tracker products changed on 9th January and if your interest rate changed, we have written to you to let you know.
When will my mortgage payment change?
If you have a fixed rate mortgage with us, your payment won’t change during the fixed rate period.
If you have a Bank of England Base Rate tracker mortgage and your account is on annual review, your mortgage payment will not change until March 2023. This means that you will be charged the higher interest rate until then. You can request a payment recalculation by calling us on 0345 166 9300.
For more information on the annual account review process, please refer to your ‘How Your Mortgage Works’ booklet, which was included with your mortgage offer.
I have a product linked to the Standard Variable Rate will my interest rate change?
We are not changing our Standard Variable Rate at this time.
Following the Bank of England increasing the base rate on 16th December 2021 we are increasing the rate on the majority of our variable savings accounts by 0.10% on 1st February 2022. We will update this site in due course with the complete range of savings products and the new rates applied.
Will the rate on my fixed rate savings product change?
No, the rate will remain on the fixed rate product until the end of the term. Fixed rate savings products guarantee a specific, agreed interest rate for a specified time period. This is in accordance with the terms and conditions of the account. Therefore, fixed rate accounts are not affected when the Base Rate rises or falls.
What is the outlook for long term for savers?
Savings rates are affected by a number of complex economic factors, including the Base Rate, currency values and economic and political events. It is therefore difficult to predict exactly what will happen to savings rates.
For more information on our complete range of savings products click here.
What was the previous Bank of England Rate change?
The previous Bank of England Base Rate change was 19th March 2020 when it decreased from 0.25% to 0.10%.
What is the Bank of England
(BoE) Base Rate?
The BoE Base Rate is the rate of interest that the Bank of England charges banks and building societies when they borrow money. As a result it underpins the way that financial institutions obtain funding to provide mortgage and savings products. Any change to Base Rate, may impact the interest rates on those products.
What is a Bank of England Rate change?
This is when the Bank of England’s Monetary Policy Committee (MPC) determines that – in the best interest of the overall economy - that the Bank of England’s Base Rate needs to be adjusted from its current rate (this can either be an increase or a decrease).
What happens if the Bank of England Base Rate changes
again in the future?
We would need to review the impact of any further Bank Rate changes in the context of the market and other economic factors at any such time.
When could the Base Rate change again in the future?
The Base Rate will change when the when the Monetary Policy Committee determines that the UK economy needs to adjust to remain stable and sustainable.
The Bank of England’s Monetary Policy Committee regularly reviews the Base Rate (normally on a monthly basis) to determine whether a change is required.