Bank of England base rate changes

On Thursday 7 November 2024, the Bank of England announced a decrease in its base rate from 5% to 4.75%.

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 TMW Managed rates and other variable rates and we’ll update our website in due course.

TMW Managed rate is a variable rate with no upper limit or cap. It's not tied to the Bank of England base rate. It will change to reflect changes in general interest rates, the law, regulation and changes in our costs. You can see the managed rate on the product selection screen and in your client's offer.

If your client is on a fixed rate mortgage, nothing will change.

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