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Bank of England Base Rate Change

I'm a mortgage account holder

What does this mean for me?

As a result of the base rate change, we are currently considering our position on how this change will affect our mortgage customers, balancing the needs of our customers and the Society.

We'll give an update here as soon as we've made a decision.

Tracker Rate
If you're an existing customer with a base rate tracker, we'll be updating your interest rate in line with the terms from 9th September. Monthly payments will be changed when we complete our annual review in December, and will take effect in March. To amend your payment before then:

  1. Complete our simple online payment recalculation request form or
  2. Call our Customer Contact Centre on the General Enquiries number and speak to one of our agents who will be able to arrange your payment to be updated.

 

I'm a savings account holder

What does this mean for me?

As a result of the base rate change, we are currently considering our position on how these changes will affect our savings customers, balancing the needs of our customers and the Society.

We'll give an update here as soon as we've made a decision.

 

 



 

How will the rate change affect me?

Will you be changing your Standard Variable Rate?

We are currently reviewing both our mortgage and savings rates and we’ll update our website as soon as we have made a decision.

I have a tracker rate mortgage - will the rate increase?

Most tracker rate mortgages will increase by 0.25% in line with the terms from 9th September 2018 (however some accounts have already reached their minimum floor and won't see an increase until the base rate has passed above the rate set out in your offer).

How will I find out if my tracker rate is changing?

If your interest rate is affected by the Bank Base Rate increase we will be writing to you in September. If your account is on immediate payment change, you will be advised of your new payment.

When will I see my payment change on my mortgage if my account is on ‘annual account review’?

Any change in payment will not take effect until your account is reviewed at the end of this year. Any change to your monthly payment will then be applied in March. This means that you will be charged the higher interest rate but your current monthly payment will not reflect this increase until March. We will advise you of your new monthly payment in your mortgage statement. If this affects you and you want to change your payment before March, you can request this 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 fixed rate mortgage - will I be affected?

If you’re on a Fixed Rate, your interest rate won’t change until you have reached the end of your fixed rate period.

When could the Base Rate change again in the future?

The Base Rate will change when the when the Bank 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.

What happens if the Bank of England Base Rate changes again?

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.

 

Where would you like to go?

Award winning Mortgages.

View our Savings range.

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