Bank of England increases base rate

What's changed

On Thursday 3rd August 2023, the Bank of England announced an increase in its base rate from 5% to 5.25%.

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 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..

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.