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Understand interest rates

Your home may be repossessed if you do not keep up repayments on your mortgage.

Why might my interest rate change?

Your mortgage interest rate may be affected if the Bank of England Base Rate changes. But it could also change if your current deal ends.

Our guide will help you understand the options available if your rate changes.

Bank of England Base Rate

What is the Bank of England Base Rate and who sets it?

  • The Bank of England (BoE) is the central bank of the UK
  • Base Rate is an interest rate set by the Bank of England’s Monetary Policy Committee
  • The Bank of England Base Rate is one of the most important interest rates because it tends to influence all the other interest rates, such as those set by banks, including mortgage, loan and savings rates and rates for businesses. 
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How could it affect you?

  • The Bank of England Base Rate is taken into account as a factor when deciding the Ulster Bank base rate
  • Therefore, if the Bank of England Base Rate changes, your monthly payment may be affected if you hold a mortgage, loan or Savings product
  • We will always notify you in advance of changes to any of our products so you have plenty of time to review your options.
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Existing customers

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