Today, Thursday 4 August, the Bank of England decreased the base rate from 0.50% to 0.25%.
From Thursday 1 September, all variable rate mortgages indexed to the base rate will be reduced by 0.25%, in line with existing terms and conditions. All other variable rates, including the TMW Managed Rates, will remain unchanged.
Borrowers affected by this decrease will see a change to their mortgage payments from Thursday 1 September and we'll write to them in advance to notify them of their new interest rate and monthly payment.
New and pipeline applications
All tracker rate mortgage KFI and offer documents will reflect the new base rate from Wednesday 10 August. All customers with tracker rate mortgages will benefit from the new base rate upon completion.
For more information please read our FAQs.