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If the rate of interest you pay on your mortgage, or will pay at the end of any fixed rate period, is linked to LIBOR, you may be aware of the regulatory announcement that LIBOR will cease to be published as a standard interest rate benchmark from the end of 2021.

LIBOR stands for London Interbank Offered Rate and is a rate set independently of us by ICE Benchmark Administration Limited. You can find out more information about LIBOR at

As LIBOR ends we will need to transfer your mortgage to a different interest rate benchmark which is ‘comparable’ to LIBOR. As yet we cannot say what alternative rate we will use to calculate the rate of interest you pay or will pay at the end of any fixed rate period. There are several options being considered by all the Banks and industry bodies, as a comparable rate to LIBOR.

You do not need to take any action at this stage. We will write to you as soon as we can with details of how this will affect your mortgage with us and give you plenty of time to consider your options before any changes take effect.

Customer FAQs

These Frequently Asked Questions have been prepared to support our Customers during the transition away from LIBOR as a benchmark rate. We will update these on a regular basis throughout the transition period. Please note that the contents may not be relevant or specific to your individual circumstances.

The information below seeks to provide general guidance, further information is available from the Financial Conduct Authority and UK Finance websites.

Libor FAQs

  • 1. What is LIBOR?

  • 2. Why is LIBOR being phased out?

  • 3. What is the potential impact on me?

  • 4. When will my mortgage(s) transition to an alternative interest rate?

  • 5. When will I know what rate LIBOR will change to?

  • 6. Am I going to pay the same amount?

  • 7. What are the next steps?

  • 8. Who should I contact if I would like to discuss this further?

  • 9. Where can I find useful links for further information?