I'm a mortgage account holder

What does this mean for me?

The questions and answers below are designed to give you the latest information available.

Mortgage Specific FAQs

I have a tracker product when will my interest rate change?

Our tracker products will change on 4th September 2022 but don't worry if your interest rate is changing, we will write 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 variable rate 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 will be able to request a payment recalculation and we will let you know how to do this in your letter.

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.

Will the Standard Variable Rate change?

We have not made a decision regarding our Standard Variable Rate, this is currently under review. We will update our website when we do and write to customers whose interest rate is changing.

I'm a savings account holder

What does this mean for me?

Whenever there is a change in the Bank of England Base Rate we have to consider how this will impact our savings and mortgage customers, whilst balancing the needs of these customers and the Society.

We will be looking to increase rates on our savings accounts in due course and will update this site once this decision has been made.

Savings Specific FAQs

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 set term period. This is written in terms and conditions of your account. 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. This makes it difficult to predict exactly what will happen to savings rates.

For more information on our complete range of savings products click here.


General FAQs

What is the Bank of England (BoE) Base Rate?

The BoE Base Rate is the rate of interest the Bank of England charges banks and building societies to borrow money. This affects the interest rates set by those banks and building societies for their customers. Any change to Base Rate, may impact the interest rates on savings and mortgages 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 was the previous Bank of England Rate change?

The previous Bank of England Base Rate change was 16th June 2022 when it increased from 1.00% to 1.25%.

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 along with the market and other economic factors at the time.

When could the Base Rate change again in the future?

The Base Rate will change when the Monetary Policy Committee decides the UK economy needs to be adjusted to remain stable.

The Bank of England’s Monetary Policy Committee regularly reviews the Base Rate (normally on a monthly basis) to decide whether a change is required.

If you want to contact us immediately, please call us on  0345 1200 100. Please note that during rate change periods, our lines can become very busy.

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