Bank of England increases base rate

What has changed

On Thursday 3 February 2022, the Bank of England announced an increase in its base rate from 0.25% to 0.5%.

Variable rate mortgages

We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 March 2022, in line with existing terms and conditions.

Variable rate mortgages originally taken out with the Bank of Ireland will also increase by 0.25% from 1 March 2022.

All other variable rates, including the TMW Managed Rates, will remain unchanged.

Fixed rate mortgages

If your client is on a fixed rate mortgage, nothing will change.

The interest rate and monthly payments stay the same until the end of the fixed deal.