Bank of England increases base rate

What's changed

On Thursday 16 December 2021, the Bank of England announced a 0.15% increase in its base rate from 0.10% to 0.25%.

Variable rate mortgages

We’ll be increasing variable rate mortgages indexed to the base rate by 0.15% from 1 February 2022, in line with existing terms and conditions.

Variable rate of mortgages originally taken out with the Bank of Ireland will also increase by 0.15% from 1 February 2022.

All other variable rates, including the TMW Managed Rates, will remain unchanged.

Fixed rate mortgages

If you are on a fixed rate mortgage, nothing will change.

The interest rate and monthly payments stay the same until the end of the fixed deal.