Bank of England base rate changes

What has changed

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

Tracker mortgages

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 TMW 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 stay the same until the end of the fixed deal.