Your Credit Score
Thinking about applying for credit? Check Your Credit Score for free, with no impact on your credit file.
Use our rate change calculator to get an idea of how much your monthly mortgage payment might change.
You can find your current mortgage details in your most recent annual mortgage statement.
If you have a fixed rate mortgage, any change to the Bank of England base rate will not affect the fixed interest rate during the fixed rate period.
Where your mortgage is made up of a number of variable rate sub-accounts or parts, you'll need to complete separate calculations for each one.
If your mortgage is affected by a rate change, we will always write to you, to let you know your new monthly payment ahead of it being taken.
There are different types of mortgage interest rates and each work in different ways. We’ve explained the differences below so you can choose the one best suited to your needs.
If you decide to take out a new fixed interest rate with us, we may charge you a fee, called a product fee. If you’re an existing customer, you won’t usually pay legal fees or need a new valuation, even if you switch when your current rate ends.
|
Fixed interest rate |
Variable interest rate - Lender variable rate |
Variable interest rate - Tracker rate |
---|---|---|---|
Fixed interest rateWhat are the different types of rates? |
Variable interest rate - Lender variable rateYour interest rate stays the same for a set amount of time. At the end of the fixed rate period, we’ll change you to another rate. This is usually one of our variable rates. |
Variable interest rate - Tracker rateWe set our lender variable rate and we can change it, but it will only go up if there’s a:
|
Your interest rate is linked to the Bank of England base rate and changes if the base rate does. Your interest rate will be made up of the base rate plus or minus a percentage. |
Fixed interest rateCan my interest rate change? |
Variable interest rate - Lender variable rateNo, not during the fixed rate period. |
Variable interest rate - Tracker rateYes, your interest rate will go up or down if we change our lender variable rate. |
Yes, your interest rate will change if the base rate goes up or down. |
Fixed interest rateCan my monthly payments change? |
Variable interest rate - Lender variable rateWe may update your monthly payment amount each year to make sure your payment is on track. For example, if you’ve made an overpayment. |
Variable interest rate - Tracker rateYes, your monthly payment can change if rates go up or down. If they go up, you could end up paying more than you budgeted for. |
Yes, your monthly payment can change if rates go up or down. If they go up, you could end up paying more than you budgeted for. |
Fixed interest rateWill I be charged if I overpay or pay my mortgage off early? |
Variable interest rate - Lender variable rateYou may be charged if you repay all or part of your mortgage before the fixed rate period ends. We call this an Early Repayment Charge. |
Variable interest rate - Tracker rateYou won’t usually be charged if you repay all or part of your mortgage. |
You may be charged if you repay all or part of your mortgage in a certain amount of time after you take out a new tracker. We call this an Early Repayment Charge. |
To help you work out which type of mortgage is right for you, here’s some things you might want to think about:
If you need more information about these types of mortgage rates, you can call us on 0345 850 0842. We’re here Monday to Friday 8am to 8pm, and Saturday 9am to 4pm. If you’d like some independent advice, you may want to talk to a financial adviser.