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Bank of England Base Rate increase on 3 August 2023 and how it may affect you
Last updated: 04.08.23
Following the Bank of England’s announcement that it will increase the Base Rate (BBR) from 5.00% to 5.25% with effect from 3 August 2023, below is a summary of the actions we’re taking in response.
MORTGAGE ACCOUNTS
Bank of England Tracker Rate Mortgages
We will be increasing the interest rate on all BBR Tracker mortgage products by 0.25% on 7 August 2023, in line with the terms and conditions relating to BBR Tracker mortgage accounts. We are writing to all Tracker mortgage customers to advise them of the change of interest rate and the impact on their monthly mortgage payments.
Standard Variable Rate (SVR) and Discounted Variable Rate Products
For customers on our SVR (currently 8.49%), or a mortgage product directly linked to our SVR (e.g. a discounted variable rate product), a decision has yet to be made on the interest rate adjustment and effective date of any change. A further announcement will follow in due course.
If our SVR changes we will write to all affected customers advising them of the change of interest rate and the impact on their monthly mortgage payment.
Fixed Rate Mortgage Products
Customers with Fixed Rate mortgage products are unaffected by this rate change until their current fixed rate mortgage product expires.
The Mortgage Charter and Support for Mortgage Borrowers
We fully support the Government’s Mortgage Charter and if you are worried about making your mortgage payments, please speak to us as soon as possible so that we can find the right solution for you before your financial circumstances become more serious.
Further details on how we can help and how to contact us are available online at mansfieldbs.co.uk/worried-you-cant-make-your-mortgage-payments and you can call our Mortgage Customer Services team on 01623 676340.
SAVINGS ACCOUNTS
Bank of England Tracker Rate Savings Products
We will be increasing the interest rate on the following accounts by 0.25% from 5.00% to 5.25% on 7 August 2023, in line with the terms and conditions relating to these accounts:
- Postal Tracker (1st issue)
- eTracker 90 (1st issue)
- Tracker 90 (1st issue)
Other Variable Rate Savings Products
We are currently reviewing our Savings Interest Rates and assessing the impact of this BBR increase. A further announcement on any changes to Savings Interest Rates will follow in due course.
Fixed Rate Savings Products
Customers with Fixed Rate savings products are unaffected by the rate change until their current fixed rate savings product comes to an end.
For more information about our accounts, visit any of our branches, give us a call on 01623 676350 or visit our website at mansfieldbs.co.uk/savings.
Staying in touch
If you’re an existing member, it’s important that we have your current email address so we can send you details of our latest rates and keep you informed of future changes and other important information quickly.
If we don’t hold your email address or you haven’t given us permission to email you, you can update your details at any of our branches, over the phone, or online by visiting our contact page and selecting ‘Update Marketing Preferences’ in the enquiry type.
