How does the Bank of England base rate affect my mortgage?

Tracker mortgage - If you have a Co-operative Bank or Britannia Tracker mortgage the interest rate will track the Bank of England base rate, and rise and fall in line with it in accordance with your terms and conditions or offer letter. If your product has a floored rate, your mortgage interest rate will not fall below the rate stated in your terms and conditions.

Standard variable rate mortgage - If you have a Co-operative Bank or Britannia standard variable rate mortgage, the interest rate is not directly linked to the Bank of England base rate, but may change if the base rate changes. The Co-operative Bank’s Standard Variable Rate increased from 7.87% to 8.12% effective from 17 August 2023. 

Fixed rate mortgage - If you currently have a Co-operative Bank or Britannia fixed rate mortgage, your interest rate does not change and your monthly payments will remain the same until the end of your fixed rate interest period. When your fixed rate ends we will contact you to inform you of your new interest rate and monthly payment.

If your mortgage is affected we will write to you to tell you about the change to your interest rate and monthly payments ahead of your next monthly payment due date.

Not found what you're looking for?

Contact our support team