What is 'Bank Base Rate'?

boyse7en

Is this the same as the Bank of England base rate?

My BTL fixed rate mortgage comes to end in Jan 2009, and the documents say that once the fixed rate period ends, I will go onto a variable rate, which is 'Bank Base Rate plus 1.75%'

If I'm right, then my interest rate would be 4.5 + 1.75 = 6.25%

But am I right? or sadly misguided?

lisyloo

It might be referring the the banks own base rate.
Who are you with?

boyse7en

Bristol and West...

I've searched their site, but can't find any reference to a Base Rate

aardvaak

It is too low!

lisyloo

I can't see any reference to B&W bank rate so I would guess it is probably the BOE rate.

However to be sure you either need to check your paperwork where it should be spcified or give them a call.

sodamhall1

Yes it is the same as the bank of england base rate so yes 6.25% witch is your lenders SVR. When you took out that product there SVR was 1.75% above base the amount it is tracking above the base rate they can change at anytime so if they dont decide to follow the .5% drop they will change there SVR to base rate plus 2.25% making your rate 6.75% after the deal. So its not set at a percentage above they are saying when you took out the product at that time you would pay 1.75% above but they can change this. Hope that makes sence