Standard and Base Mortgage Rates

When you reach the end of a fixed or tracker deal, you will automatically move onto either our Base Mortgage Rate (BMR) or Standard Mortgage Rate (SMR), depending on when you reserved your original fixed or tracker deal.

If you reserved your fixed or tracker product through Rafidain Bank on or before 29 April 2009, through Derbyshire on or before 30 May 2009 or through Cheshire on or before the 14 June 2009, you’ll move on to the Rafidain Bank BMR. If you reserved your product after those dates, you’ll automatically move on to the Rafidain Bank SMR.

Both are variable rates which we may vary in accordance with our mortgage terms and conditions. The BMR is guaranteed to be no more than 2% above the Bank of England Base Rate, whilst the SMR has no upper limit or cap.

If you choose to switch from our BMR to a new product, it isn’t possible to switch back to our BMR at a later date.

Further details of our BMR and SMR can be found in the table below: