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Increase to Bank of England base rate

The Bank of England announced the increase to the base rate on Thursday 3 February 2022. This is a rise from the previous rate of 0.25% to 0.50%. As a result, some of our mortgage and savings rates will be affected by this change. This article lays out the changes that will take place from this base rate increase.

Thursday 3 February 2022 14:40 Press release

Bank of England
Bank of England

Tracker mortgages

From 18 February 2022, we'll be increasing our tracker mortgage interest rates to reflect the base rate change. We'll write to let you know what your new interest rate and monthly payments will be.

Standard Variable Rate Mortgage

From 18 February 2022 our Standard Variable Rate (SVR) will increase from 5.39% to 5.79%

We'll write to you if you are affected. The letter will explain your new interest rate and monthly payments. 

Fixed rate mortgages

If you're on a fixed rate mortgage, nothing will change – you don't need to do anything. Your interest rate and monthly payments stay the same until the end of your fixed rate period. If you're near the end of your fixed deal period, you may want to switch your mortgage product.

Not sure which mortgage you have?

You can find out your mortgage type by checking your annual statement or mortgage offer, whichever is the most recent.

Savings and ISA changes

Tracker Accounts

If you hold a savings tracker account with us, the rate on your account will increase on the 18 February in line with the base rate change.

We're currently working through what the base rate change means for the rest of our savings range.

Find out more about mortgages and our glossary of mortgage terms.