News
Changes to our tracker deals
20 March 2020
Following the decision by the Monetary Policy Committee on Thursday 19 March 2020 to reduce the Bank of England Base Rate to 0.10%, we have reduced our Tracker mortgage rates to reflect this.
The changes we’ve made solely affect our Tracker deals and only reflect the reduced Bank of England Base Rate with no change to the Tracker differential.
How will we treat pipeline Tracker cases?
| Stage in pipeline | Our approach |
| 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 May 2020 to reflect the combined 0.65% reduction. 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 our current range, please view our Mortgage Update.
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