Bank of England increases base rate

On Thursday 1 August 2024, the Bank of England announced a decrease in its base rate from 5.25% to 5%.

We’ll be decreasing variable rate mortgages indexed to the base rate by 0.25% from 1 September 2024, in line with existing terms and conditions.

We’re working through what this means for other variable rates and will update you in due course.

If you are on a fixed rate mortgage, nothing will change.

The interest rate and monthly payments stay the same until the end of the fixed deal.