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What the Bank of England’s base rate change means for your clients

10th July 2023

On Thursday 22 June, the Bank of England announced a 0.50% increase in base rate from 4.50% to 5.00%.

SVR

Our SVR will increase by 0.25% from 7.74% to 7.99%, with effect from 1 August 2023. If your client is affected by this change, they'll be contacted by letter to explain their new interest rate and monthly payments. They'll start paying their new monthly amount on their usual payment date during August.

The cost of living in the UK continues to rise, resulting in many people starting to feel the financial pressure as household bills and everyday expenses continue to increase. If your client has a mortgage with us and they're worried that these increases are starting to impact them, we have a dedicated team on hand to offer them support. Please call us on 0808 168 8570.

Bank Base Rate Tracker Mortgages

Mortgages which are directly linked to and track the Bank Base Rate increased by 0.50% on 1 August 2023.