Bank Base Rate
Definition
Bank Base Rate is currently: 5.00%
"Bank Base Rate" means the official Bank Rate set by the Bank of England, except that:
(a) If the Bank of England changes the name of the Bank Rate, or substitutes an equivalent rate, then "Bank Base Rate" will mean the rate as renamed or substituted (as applicable)
(b) If the Bank of England stops setting the Bank Rate and there is no equivalent Bank of England rate, then "Bank Base Rate" will mean the average of the base rates of the four largest clearing banks in London from time to time;
(c) if (b) applies but base rates from the four largest clearing banks are not for whatever reason, available, then "Bank Base Rate" will mean such other rate as we may reasonably select.
In each case, "Bank Base Rate" means that rate as varied from time to time.
We use Bank Base Rate to set the interest rates of our base rate tracker mortgages.
The interest rate charged is a fixed percentage above Bank Base Rate, as varied from time to time, for the mortgage term.