Bank of England decreases base rate
Find out how mortgages and savings accounts are affected by the change to the base rate.
Published on: 7 November 2024
What has changed
On Thursday 7 November 2024, the Bank of England announced a 0.25% decrease in its base rate from 5.00% to 4.75%.
Fixed rate mortgages
If you're on a fixed rate mortgage, nothing will change – you don't need to do anything.
Your interest rate and monthly payments stay the same until the end of your fixed deal.
If you’re thinking of switching deal, you can use Mortgage Manager.
In Mortgage Manager you can see our deals, and if you're eligible, switch to a new one and check if you'll need to pay an Early Repayment Charge (ERC).
You can also get advice from a mortgage adviser on a new deal and apply to switch.
Standard and Base Mortgage Rates (SMR and BMR)
SMR
From 1 December 2024 our Standard Mortgage Rate (SMR) will decrease from 7.74% to 7.49%.
We'll write to confirm what your new monthly payments will be. You’ll start paying the new amount from December 2024, on your usual payment date. You can also get an idea of what you'll pay using our mortgage payment change calculator.
BMR
Our Base Mortgage Rate (BMR) will remain unchanged and stay at 6.75%.
Thinking about switching to a fixed rate or tracker mortgage? Or extending or reducing the term of your mortgage? Log in to Mortgage Manager.
You can also get advice from a mortgage adviser on a new deal and apply to switch.
Tracker mortgages
From 1 December 2024 we'll be decreasing our tracker mortgage interest rates to reflect the base rate change.
We'll write to let you know what your new interest rate and monthly payments will be. You'll start paying your new monthly amount from December 2024 on your usual payment date.
You can find more detailed info in our guide to base rate changes and your mortgage. If you’re thinking of switching deal, you can use Mortgage Manager. You can also get advice from a mortgage advisor on a new deal and apply to switch.
Work out your new interest rate and payments
You can work out your new interest rate yourself by adding together:
- the new base rate of 4.75%, and
- the set rate you agreed to in your mortgage offer
Once you have your interest rate, you can get an idea of your monthly payments using our mortgage payment calculator.
If you’re thinking of switching deal, you can use Mortgage Manager.
Not sure which mortgage you have?
You can find the type of mortgage you're on and your interest rate by using our online Mortgage Manager.
You can also find this information on your annual statement or mortgage offer (whichever is the most recent).
In Mortgage Manager you can also:
- Switch to a new deal – view our rates and apply for a new mortgage
- Work out if you'll pay any Early Repayment Charges (ERCs)
- Arrange to make or change your overpayments
- Extend or reduce your mortgage term
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Savings and ISA changes
Fixed rate accounts
If you have a fixed rate savings account or ISA, nothing will change for you. Your interest rate will stay the same for the length of your term.
You can find your interest rate in the Internet Bank or the Banking app. Or if we sent you an opening letter or email when you opened the account, it will be on there.
Variable rate accounts
If your account is impacted, we will write to you and give you at least 14 days notice. If you have an account with a variable interest rate – like an instant or limited access account – you can check your current rate in the Internet Bank or Banking app.
Or you can find your account and interest rate by answering a few questions on our account checker page.
Sign up to SavingsWatch
SavingsWatch is a free service for members. If you sign up, you’ll get an alert by email or text whenever your interest rate goes up or down.
Compare the interest rates of all our accounts
You can also check and compare the interest rates of all our savings accounts and ISAs.