What has changed
On Thursday 16 June 2022, the Bank of England announced an increase in its base rate from 1% to 1.25%.
Variable rate mortgages
We’ll be increasing variable rate mortgages indexed to the base rate by 0.25% from 1 August 2022, in line with existing terms and conditions.
We’re working through what this means for TMW Managed rates and other variable rates and will update you in due course.
Fixed rate mortgages
If your client is on a fixed rate mortgage, nothing will change.
The interest rate and monthly payments stay the same until the end of the fixed deal.