Mortgage Follow on Rate, Standard Variable Rate and tracker rate changes

On 01 August 2024 the Bank of England base rate reduced from 5.25% to 5.00%.

• The Follow on Rate will decrease by 0.25% to 8.25% (3.25% above Bank of England base rate) with effect from 02 September 2024 for existing mortgages on this rate 
• The tracker rates for existing mortgages will automatically decrease on 02 September 2024
• Our Standard Variable Rate will decrease from 8.74% to 8.25% with effect from 02 September 2024 for existing mortgages on this rate

If you have a fixed rate mortgage then there is no change to your mortgage rate if you are still in the initial period where your rate is fixed.