What has changed
On Thursday 11th May 2023, the Bank of England announced an increase in its base rate from 4.25% to 4.5%.
Variable rate mortgages
We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 June 2023, in line with existing terms and conditions.
TMW Managed Rates and other variable rates will also be increasing by 0.25%, in line with existing terms and conditions. We’ll be sending letters out to customers on 15 June 2023 to confirm these changes.
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.