Following the Bank of England’s announcement of an increase in Bank Rate from 0.50% to 0.75% on 2 August 2018, we will be making the following changes to our products with effect from 25 September 2018:

• Pay rates on all Bank of England Tracker Rate Mortgages will increase by 0.25%.
• Our Managed Mortgage Rate and Standard Variable Rates will both increase by 0.25%. This means that the pay rate on our Discounted Variable rates will rise by 0.25%.

No changes will be made to our fixed rate products.

Existing customers will be advised of their new payments in early September.

How interest rate changes will affect current pipeline applications

• Your clients, who have received an offer from us for a Discounted Variable Rate Mortgage or a Base Rate Tracker Mortgage, will shortly receive a letter letting them know the new rate and new monthly payment effective from 25 September 2018.
• Your clients, for whom you've already submitted an application for a Discounted Variable Rate Mortgage or a Base Rate Tracker Mortgage that has not yet progressed to offer, will have their new mortgage rate and monthly payment shown in the offer from us in due course.

Your client is able to switch to another product should they want to. There is no additional fee for doing so but there may be a slight delay while we reissue our paperwork. Please talk to our Mortgage Desk should your client wish to switch product.

If you have any questions or have a case you would like to discuss, please contact your local Business Development Manager or our Mortgage Desk.