Bank of England increases base rate

What's changed

On Thursday 5 May 2022, the Bank of England announced an increase in its base rate from 0.75% to 1%.

Variable rate mortgages

We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 June 2022, in line with existing terms and conditions.

We’re working through what this means for other variable rates and will update you in due course.

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.