What has changed
On Thursday 22nd June 2023, the Bank of England announced an increase in its base rate from 4.5% to 5%.
Variable rate mortgages
We’ll be increasing variable rate mortgages indexed to the base rate by 0.5% from 1 August 2023, in line with existing terms and conditions.
We’ve reviewed our TMW Managed rates and other variable rates and have decided not to pass on the latest base rate change at this time.
We'll continue to review the position and will notify impacted customers if things change in the future.
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.