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 mortgage products.
The Bank of England base rate last changed on 2 August 2018. It’s currently 0.75%.
How does the Bank of England base rate affect me?
The type of mortgage you have will determine whether you could be affected by a change to the Bank of England base rate.
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 Online Banking
What can I do if I am worried about how a change in interest rates will affect me?
Work out how a change to the Bank of England base rate could impact your monthly mortgage payments by using our mortgage calculator
Use our handy budget planner to work out how much you spend each month. You can then consider where you may be able to make a change to your outgoings 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