The Bank Rate, also known as the Bank of England base rate is 4.75%. A decrease of 0.25% and was announced by the Bank of England on Thursday 7 November 2024.
Bank of England Bank Rate change
Variable rate mortgages
We’ll be decreasing variable rate mortgages indexed to the base rate by 0.25% from 1 December 2024, in line with existing terms and conditions.
We’re working through what this means for The Mortgage Works Managed rates and other variable rates and we’ll update our website in due course.
Fixed rate mortgages
If your client is on a fixed rate mortgage, nothing will change.
The interest rate and monthly payments are fixed until the end of your deal period.
Is your mortgage deal ending soon?
If you're coming to the end of your current deal, you can switch to one of our latest deals online, switch your mortgage.
If you’ve already chosen a new deal but the switch hasn’t happened yet, don’t worry:
- If you've selected your new product and accepted your offer, this will all take place as requested
- We will write to you if the deal you’ve chosen is a variable rate and will be impacted by the Bank Rate change
- We’ll send you a confirmation letter with the details of your new mortgage and monthly payments, in the first 5 working days of the month after the switch has completed.
Note:
You can find information online about your mortgage with us, including your mortgage rate, next payment date and amount.