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