Bank of England base rate changes

On Thursday 6 February 2025, the Bank of England announced a decrease in its base rate from 4.75% to 4.50%.

We’ll be decreasing tracker rate mortgages indexed to the base rate by 0.25% from 1 March 2025, in line with existing terms and conditions. 

Managed rates

We’re working through what this means for managed rates and other variable rates and we’ll update our website in due course.

The Mortgage Works 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.