Bank of England Base Rate change

The Bank of England (BOE) decreased the base rate from 4.25% to 4.00% on 7 August 2025.

Good news for Tracker mortgages

We reduced the rate on our tracker mortgages by 0.25% on 14 September 2025. We wrote to customers if they were affected.

Tracker mortgage payments won't change until March 2026, unless customers contact us.

If customers want their payments to be recalculated based on the new rate, they can request a payment recalculation online.

Standard Variable Rate (SVR) mortgages

We reduced our SVR from 7.24% to 6.99% on 21 September 2025. We wrote to customers if they were 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 8 May 2025 when it decreased from 4.50% to 4.25%.

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 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.