Bank of England base rate reduction – 7 Nov 2024


On Thursday 7 November, the Bank of England base rate (Bank Rate) reduced from 5.00% to 4.75%.

As a result, the interest rate on all our mortgages and loans that track the Bank Rate will reduce by 0.25%.

We’re also reducing our Standard Variable Rate (SVR) by 0.25% to 8.24%.

For most customers, rate reductions will take effect on 1 December 2024. If your interest rate is changing, we’ve now written to you to tell you your new rate and monthly payment amount.

There’s more information below about what happens when your interest rate changes.

Quickly estimate your new monthly payment

You can check the effect of a rate reduction now using our new rate change calculator.

You’ll need to know your current balance, repayment type, interest rate and remaining term. The calculator will show you how much your monthly payment is likely to change.

Use calculator

For more information about rate changes, including a set of FAQs, please see our Rate change information page.

See your new rate and monthly payment in Self-Serve

If your interest rate and monthly payment are due to change at the start of the next month, you’ll find details of your new rate, payment amount and the date when this will apply.

This will be available to view after we have processed the rate change on your account. We’ll do this as soon as possible, although it can sometimes take several days.

If you call us, we won’t be able to confirm your new rate and payment until it’s also showing in Self-Serve. So, if it’s not there, please check back later.

Sign in now – if you’ve already registered on Self-Serve, you can sign in to your account at any time.

Register now – to use Self-Serve for the first time, you’ll need to register and create your secure account.

Not all customers can register for Self-Serve. You can see more details on our using Self-Serve page.

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