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THE IMPACT OF BANK OF ENGLAND BASE RATE ADJUSTMENTS ON YOUR MORTGAGE
The Bank of England's base rate is the interest it charges other banks, which affects mortgage rates and savings interest. It adjusts this rate to control inflation. When inflation is high, it raises the rate to reduce spending and bring inflation closer to the 2% target. Once inflation stabilizes, the Bank may lower or maintain the rate.
Latest Base rate
The Bank of England base rate from 5% to 4.75% on 7th November 2024 - The second cut of 2024.
Fixed rate mortgages
If you have a fixed-rate mortgage, there won’t be any changes. Your rate and monthly payments are fixed for the duration of your term.
Find out how changes in interest rates may influence your mortgage with our calculator.
Mortgage Calculator
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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
