Bank of England base rate increase

The Bank of England has decided to increase the base rate by 0.50% to a rate of 1.75% on 4 August 2022,

Following the latest increase in Bank of England base rate, we can confirm the following:

  • Standard Variable Rate (SVR) will increase by 0.45% to 5.99%.
  • Buy to Let Variable Rate will increase by 0.45% to 6.29%.
  • 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 in accordance with their terms and conditions and all fixed rate mortgages remain unchanged.
  • Compared to six changes in Bank of England base rate with a combined increase of 1.65% since December 2021, this is only the second change to our SVR, taking our total increase to 0.70%.
  • This follows our decision to not increase SVR following the previous three increases in Bank of England base rate.

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.