The Bank of England base rate is the official interest rate set by the Bank of England’s Monetary Policy Committee. Banks and building societies use the base rate to calculate interest rates for some mortgages.
The Bank of England base rate last changed on 3 August. It’s currently 5.25%.
|Follow-on Rate (FoR)|
FoR is currently 8.50% (Bank of England base rate plus 3.25%).
All mortgage deals applied for between 23 January 2018 and 20 November 2023 automatically transfer to FoR when the initial product period ends. For example, if you applied for a new 2 year fixed rate in April 2022, your mortgage will automatically transfer to the FoR when the fixed rate ends in 2024.
It’s a variable rate that tracks the Bank of England base rate. So, it will always move in line with changes to the base rate. This means the rate and your monthly payment will go up or down as the base rate changes.
Find out more about our Follow-on Rate
|Standard Variable Rate (SVR)|
SVR is currently 7.50%.
All mortgage deals applied for before 23 January 2018 or from 21 November 2023 automatically transfer to SVR when the initial product period ends.
It’s a variable rate that we can change. This means the rate and your monthly payment could go up or down. It doesn’t track the Bank of England base rate, but it may change if the base rate changes. Our mortgage terms and conditions explain what other factors can also influence when we change this rate. A copy of these were sent with your latest mortgage offer.
Find out more about our Standard Variable Rate
|Tracker rate mortgage|
The interest rate tracks the Bank of England base rate for a set period of time. Your monthly payment will go up or down depending on movements to the base rate, so you need to be sure that you would be able to afford the payments should interest rates increase.
Lifetime Tracker and Flexible Offset mortgages are guaranteed to track the Bank of England base rate for the life of the mortgage.
|Fixed rate mortgage|
The interest rate is fixed for a number of years, such as two, five or sometimes ten years. Your monthly payments will stay the same, meaning you’ll know exactly what you’ll pay each month over a set period of time.
You’re protected from increases to the Bank of England base rate during the product term. It also means that you won’t be able to take advantage of any potential decreases in the Bank of England base rate during the fixed rate product term.
If you're not sure what type of mortgage you have, you can check your original mortgage offer, annual mortgage statement or the mortgage account details screen in our mobile app or Online Banking
What can I do if I'm worried about how a change in interest rates will affect me?
You can use our mortgage calculator to work out how a change to the Bank of England base rate could affect your monthly payments.
You can use our budget planner to help you get a clearer picture of how much you spend each month. You can then think about where you can make changes, if you need to.
If you’re coming to the end of your existing deal, are on our Standard Variable Rate or a deal with no early repayment charge you may be considering choosing a new deal. You can change your deal online or over the phone.
If you're still worried about a change in your interest rate and how you will make your monthly mortgage payments, we can help