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Interest rate changes following the base rate change in February

Written by Joanne Leek

16 Feb 2022

Tags

Bank of England, Interest rates, Mortgages, Rate change, Savings

4 min read

On 3 February 2022 the Bank of England Base Rate increased by 0.25% to 0.50%. Here you will find information about the changes we are making to our savings and mortgage interest rates.

If you have a question about the rate changes, or are not quite sure what this means for you, please get in touch with your local branch, email us at [email protected] or call us on 0330 123 0723.

Mortgages.

Our mortgage Standard Variable Rate (SVR) will increase by 0.15% to 5.54%, effective 1 March 2022.

For borrowers with a Base Rate tracker mortgage the 0.25% Base Rate increase will be applied from 1 March 2022, in line with the terms and conditions of the mortgage.

We are writing to all affected mortgage borrowers to confirm the new interest rate and monthly payment amount.

Mortgage borrowers with a fixed rate product will not see any changes to their interest rate or monthly payments.

Savings.

The majority of variable rate savings accounts will increase by 0.15% effective 1 March 2022.

Fixed rate savings accounts are unaffected and will not have any rate changes applied.

About the rate changes.

When we consider the impact of base rate changes we are mindful of both mortgage borrowers and savings members. Whilst the base rate increased by 0.25% there have now been two rate increases in quick succession.

We have been keen to take into consideration the interests of mortgage borrowers, especially at a time when other living costs are rising, and, being conscious of this squeeze on household budgets, have therefore agreed a partial increase.

We’re here to help.

If you can’t find what you’re looking for, or would prefer to talk to us, we’re here! Simply get in touch with your local branch, email us at [email protected] or call us on 0330 123 0723.

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