LIBOR Transition

The London Interbank Offered Rate (LIBOR) is no longer being published. That means if your mortgage interest rate was set with reference to LIBOR, it has now moved to an alternative reference rate.

Our regulator, the Financial Conduct Authority (FCA), used its powers to require the publication of LIBOR on a synthetic basis from the beginning of 2022. For most customers’ accounts, your interest rate has continued to be set by reference to ‘synthetic’ LIBOR. We wrote to you in November 2021 explaining this.

However, now that LIBOR is no longer being published, your mortgage has moved to a new reference rate which will be used each time your mortgage interest rate is set. If your account is affected, we wrote to you in February 2024 to explain the details of the replacement reference rate, the SLRR (SONIA LIBOR Replacement Rate) and when we’ll begin to use it. The method used to calculate the SLRR replicates how synthetic LIBOR was calculated. We’ll continue to review your interest rate once every three months as we do now.

To read more about the end of LIBOR, please visit the Financial Conduct Authority’s website.