Bank of England Base Rate change

The Bank of England (BOE) increased the base rate from 3.75% to 4.00% on 5 November 2026.

Tracker mortgages

Tracker mortgage interest rates for existing customers will increase on 29 November 2026. 

We'll write to customers if they are affected.

Tracker mortgage payments won't change until March 2027, unless customers contact us.

To reduce the impact of the increased interest on their mortgage balance, customers can increase their mortgage payments sooner by requesting a payment recalculation online.

  • If we don't hear from them, they'll be charged a higher rate of interest from 29 November 2026 but we won't increase their repayments.
  • As they'd be paying back less interest than they're being charged, this will increase the amount they owe and could make a considerable difference to their mortgage payments from March 2027.

If they want to contact us, please call us on 0345 1200 100*. Our lines can become very busy during rate change periods.

Standard Variable Rate (SVR) mortgages

Our SVR is currently under review. We'll update our website if the interest rate changes and write to customers if they're affected.

Fixed rate mortgages

There is no change to fixed rate mortgages.
 

General FAQs

The BoE base rate is the rate of interest the Bank of England charges banks and building societies to borrow money. This affects the interest rates set by those banks and building societies for their customers. Any change to base rate, may impact the interest rates on savings and mortgages.
The Bank of England’s Monetary Policy Committee (MPC) changes the base rate. It's part of the action they take to keep inflation low and stable.

The previous base rate change was 18 December 2025 when it decreased from 4.00% to 3.75%.

We'd review the impact of any further base rate changes along with the market and other economic factors at the time. It may impact our mortgage interest rates.

The Bank of England’s Monetary Policy Committee regularly reviews the base rate (normally monthly) to determine whether a change is needed.