The Bank of England announced an increase to the base rate on Thursday 2 August to 0.75%.
Please find below the effect of this increase on The Mortgage Works' mortgage rates.
New and pipeline applications
All Key Facts Illustration and offer documents will reflect the new Bank of England base rate from Tuesday 7 August. For new customers completing on trackers from this date, the new base rate will be reflected upon completion.
From Saturday 1 September, all variable rate mortgages indexed to the base rate will be increased by 0.25%, in line with existing terms and conditions. All other variable rates, including the TMW Managed Rates, will also increase by 0.25%.
Borrowers affected by this increase will see a change to their mortgage payments from Saturday 1 September and we'll write to them in advance to notify them of their new interest rate and monthly payment.
Securing current products
Where applicable, paper applications must be postmarked up to Monday 6 August.