Bank of England base rate increase
The Bank of England increased the base rate by 0.25% to a rate of 5.25% on 3 August 2023.
Following the latest increase in Bank of England base rate, we can confirm the following:
Mortgage rates – changes with effect from 1 October 2023:
- Standard Variable Rate will increase to 8.24%.
- Buy to Let Variable Rate will increase to 8.54%.
- Interest rates for members on products linked to variable rates (e.g. Discount products) will change by the same amount.
- Bank of England tracker mortgage rates will increase automatically in accordance with their terms and conditions and all fixed rate mortgages remain unchanged.
If your client’s mortgage is affected, we’ll write to them and confirm the change to their interest rate and their new monthly payment.