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Bank of England base rate change - Mortgage FAQs

What is the Bank of England Base Rate? What change has the Bank of England made? I have a product linked to the Bank of England base rate, how will this affect my mortgage? Have there been any other changes made to my mortgage Terms and Conditions?

What is the Bank of England Base Rate?

This is the official interest rate set by the Bank of England’s Monetary Policy Committee.

What change has the Bank of England made?

It has increased the base rate from 1.00% to 1.25%.

I have a product linked to the Bank of England base rate, how will this affect my mortgage?

If you have a mortgage product that is linked to the Bank of England Base rate, then your monthly payments will change. We will confirm the changes in writing to you shortly.

Have there been any other changes made to my mortgage Terms and Conditions?

No, your mortgage Terms and Conditions remain the same.

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AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

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