BoE Base rate change | Accord Mortgages
Bank of England Base Rate decrease
The Bank of England (BOE) decreased the base rate from 5.25% to 5.00% on 1 August 2024.
Good news for tracker mortgages
We reduced the rate on our tracker mortgages by 0.25% on 25 August 2024. We wrote to you if this affects you.
Tracker mortgage payments won't change until March 2025, unless you contact us
If you want your payments to be recalculated sooner, you can request a payment recalculation online.
If you're worried about paying your mortgage now or in the future, find out how we can help.
Standard Variable Rate (SVR) mortgages
We reduced our SVR from 8.24% to 7.99% on 25 August 2024. We wrote to you if this affects you.
Fixed rate mortgages
There is no change to fixed rate mortgages.
Not sure which mortgage you have?
You can find out your mortgage type by checking your most recent annual statement or mortgage offer.
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 3 August 2023 when it increased from 5.00% to 5.25%.
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 the interest rates we provide on our mortgages.
The Bank of England’s Monetary Policy Committee regularly reviews the base rate (normally monthly) to determine whether a change is needed.