Bank of England Base Rate FAQs

Following the decision by the Monetary Policy Committee to increase the Bank of England base rate, we have undertaken a review of our current mortgage interest rates. This has resulted in the decision to increase both our Residential and Buy to Let Standard Variable Rates by 0.25%, effective from 1 September 2018 for new and existing customers.  

We have prepared a quick help section below to outline the key effects of the rate change for Kent Reliance mortgages. Please click here for our latest product range.

Rate change FAQs

Q: How will this affect my client, as they have a mortgage linked to the base rate / Kent Reliance’s standard variable rate?

A: If your client has a mortgage product that is linked to either the Bank of England base rate or our Standard Variable Rate, then their monthly payments will increase.  

Q: I am currently in the process of submitting a mortgage application to you; do I have to do anything?

A: You may be prompted by the system to select an updated mortgage product to reflect any rate changes to the product’s headline or follow-on rates. However, only the interest rate will have changed; all other product features will be unchanged.

Q: I am currently in the process of submitting a mortgage application to you and I haven't been prompted to select an updated product – what should I do?

A: As you weren't prompted to update the mortgage product, the illustration and application form will refer to the old product rate. Subsequently, when the offer is produced, it will have the updated rate.

Q: Will I receive a new offer following the change?


  • If a mortgage is post-offer and is a Buy to Let application, we will write to customers separately to advise them of the changes.
  • If a mortgage is post-offer and is a Residential application, we will re-issue the mortgage offer, displaying the new rates.
  • If a mortgage has completed, we will write to all affected customers advising them of new instalments. 
Q: I have submitted a mortgage application; will the updated mortgage rates be applied?

A: If the mortgage application is pre-offer, then the offer will have the updated rate when it is produced. If the mortgage application is at post-offer, then you will receive a rate change letter.

If you require further information on how this affects your clients’ mortgage applications or those currently being processed, please contact your Business Development Manager.

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