Bank of England Base Rate Increase
On Thursday 16 December 2021, the Bank of England announced a 0.15% increase in its base rate from 0.10% to 0.25%.
We're currently considering what this means for our members. It may affect some of our mortgages and savings accounts.
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.
Variable Mortgage Rates
We're considering what the base rate change means for our members who are on variable mortgage rates. We'll write to you in the new year if you are affected and this letter will explain your new interest rate and monthly payments.
Savings and ISA rates
We're considering what the base rate change means for our savings members. Should we decide to change some of our savings rates this information will be published on our website and will be available in our branches and by calling us.