Bank of England Base Rate Change

On 16th December 2021, the Monetary Policy Committee (MPC) voted to increase the Bank of England (BoE) Base Rate from 0.10% to 0.25%.

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 FAQ’s

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

Our tracker products will change on 9th January 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 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.

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'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 update this site once this decision has been made.

Savings Specific FAQ’s

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.

General FAQs

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 was the last Bank of England Rate change?

The last time the Bank of England changed Base Rate was 19th March 2020 when it decreased from 0.25% to 0.10%.

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.

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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