Bank of England base rate increase
The Bank of England has decided to increase the base rate by 0.25% to a rate of 1.25% on 16 June 2022.
Following the latest increase in Bank of England base rate, we can confirm the following:
- There will be no increase in our Standard Variable Rate or Buy to Let Variable Rate following the increase in Bank of England base rate on 16 June 2022
- Bank of England tracker mortgage rates will increase in accordance with their terms and conditions and all fixed rate mortgages remain unchanged
Savings rates – changes with effect from 1 July 2022:
- The interest rates on a number of variable rate accounts will increase by up to 0.25%. Find out more about changes to our savings rates
- Our minimum member variable savings rate will increase to 0.65%
If your mortgage payment is changing, we’ll write to you to confirm the change to your interest rate and your new monthly payment amount.
If you’re not sure what deal you’re on, or when it ends, you can find this information on your annual mortgage statement.