Bank of England base rate decrease
What’s changed?
The Bank of England cut the base rate of interest by 0.25% to a rate of 4.50% on 6 February 2025.
What this means for you
Our savings rates - changes with effect from 19 March 2025:
- We're decreasing the interest rates of our variable rate savings accounts.
- If you have a fixed rate savings account, your rate won’t change until it reaches the end of its term.
Our mortgage rates:
- Bank of England tracker mortgage rates will decrease automatically in line with their terms and conditions.
Our mortgage rate changes with effect from 1 April 2025:
- Our variable mortgage rates, including products linked to variable rates (e.g. Discount products) will decrease for existing members by 0.25%.
- Our Standard Variable Rate will decrease to 7.99%.
- Our Buy to Let Variable Rate will decrease to 8.29%.
If your mortgage payment is changing, we’ll write to you to confirm the change to your interest rate and your new monthly payment amount.
If you’re not sure what deal you’re on, or when it ends, you can find this information on your annual mortgage statement.
If you’re worried about making your mortgage payments, we can help.