Bank of England base rate changes

Our variable rate accounts decreased by 0.25% on 12 September 2024. To view our new interest rates, visit the savings product pages.

Once opened, the rate on a fixed rate account doesn't change until the account matures (comes to an end). We regularly review our fixed rate savings range and reserve the right to withdraw and replace the accounts that are available without notice.

If you have a fixed rate mortgage, your interest rate is fixed until the end of the initial term. This means that any changes to the Bank of England Base Rate won't affect your rate.

The recent change to the Bank of England Base Rate means your monthly payments won't change until the end of your initial term.

If you have a discount mortgage, your interest rate is our standard variable rate (SVR) minus a fixed percentage for the initial term. This means if the SVR changes, your monthly payments do too unless the SVR decreases below the floor rate set in your mortgage agreement.

Our discount products have a floor rate which means your mortgage's interest rate won't go below the floor rate set when you took out your mortgage.

Any changes to the Bank of England Base Rate won't directly affect your rate.

As a result of the Bank of England base rate changes we made the decision to decrease our SVR on 01 September 2024 and your monthly repayments will go down. We will send you a letter to detail your new monthly payment and any action you will need to take.

If you have a tracker mortgage, your interest rate is variable and it 'tracks' the Bank of England Base Rate until the end of the term. This means that any changes to the Bank of England Base Rate will effect your rate unless it decreases below the floor rate set in your mortgage agreement.

Our tracker mortgages have a floor rate which means your mortgage's interest rate won't go below the floor rate set when you took out your mortgage.

The recent changes to the Bank of England Base Rate means your monthly payments decreased on 01 September 2024. We will send you a letter to detail your new monthly payment and any action you will need to take.

The recent change to the Bank of England Base Rate means we decreased our SVR from 7.60% to 7.43% on 1 September 2024.

If you have a mortgage on our Standard Variable Rate (SVR), your interest rate is the same as our SVR. This means your payments decreased on 1 September 2024.

If your monthly payment changes as a result of a change to our SVR, we will write to you with details of your new monthly payment.

Do I need to change my monthly payment?

If you pay by direct debit, we will automatically collect the new monthly payment on the payment date detailed in your letter.

If you pay your mortgage by standing order, cash or cheque, you will need to change your monthly payment from the payment date detailed in your letter.

Unfortunately, we cannot change a standing order on your behalf, so you may find it easier to switch to paying by direct debit.

To set up a direct debit to pay your mortgage, simply complete and return the Mortgage Direct Debit Mandate or request a form by contacting us or from your local branch.