What is the Bank of England Base Rate?
This is the official interest rate set by the Bank of England’s Monetary Policy Committee.
What change has the Bank of England made?
It has increased the base rate from 5.00% to 5.25%.
I have a product linked to the Bank of England base rate, how will this affect my mortgage?
If you have a mortgage product that is linked to the Bank of England Base rate, then your monthly payments will change. We will confirm the changes in writing to you shortly.
Have there been any other changes made to my mortgage Terms and Conditions?
No, your mortgage Terms and Conditions remain the same.
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AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product will contain an AER you will be able to compare more easily what return you can expect from your savings over time.
krbs, Kent Reliance Banking Services and Kent Reliance are trading names of OneSavings Bank plc. Registered in England and Wales (company number 7312896). Registered office: Reliance House, Sun Pier, Chatham, Kent, ME4 4ET. OneSavings Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (registered number 530504). We subscribe to the Financial Services Compensation Scheme and the Financial Ombudsman Service. Visit the MoneyHelper