Changes to our Tracker deals

03 August 2018

Following yesterday’s decision by the Monetary Policy Committee to increase the Bank of England Base Rate to 0.75%, we have increased our new business Tracker mortgage rates to reflect this.

The changes we’ve made solely affect our Tracker deals and only reflect the increased Bank of England Base Rate with no change to the Tracker differential. 

A summary of our key Tracker deals is as follows:

• 2 Year Residential Tracker Rate at 70% LTV has moved to 1.75% (BoE + 1.00%) with a £995 fee 
• 2 Year Freedom to Fix Tracker Rate at 65% LTV has moved to 1.89% (BoE + 1.14%) with a £995 fee 
• 2 Year Flexible Tracker Rate at 65% LTV has moved to 1.99% (BoE + 1.24%) with a £995 fee 
• 2 Year BTL Tracker Rate at 60% LTV has moved to 2.04% (BoE + 1.29%) with a £995 fee 

How will we treat pipeline Tracker cases?

Pre-offer, including applications received yesterday The application will move through the process as normal. The Offer of Loan will reflect the updated Bank of England Base Rate and monthly payment.

Post-offer (pre-completion) including offers issued yesterday We will issue a letter to your client stating the updated Bank of England Base Rate and monthly payment.

Completed up to and including yesterday These will be treated as existing customers as outlined below.

Existing customers 

Customers whose mortgage rate is directly linked to the Bank of England Base Rate will be contacted to advise that their monthly payment will change on 1 October 2018 in line with their mortgage terms and conditions.

Additional information

All other product features remain unchanged. We are reviewing the pricing of our broader product range, including our Standard Variable Rate, and will provide further updates as necessary.

For full details of the updated range, please view our Mortgage Update.