What is the Bank of England base rate?
This is the official interest rate set by the Bank of England Monetary Policy Committee. The base rate is reviewed throughout the year and can fluctuate.
How a base rate change will affect your tracker mortgage
If you're currently on a tracker rate mortgage, a base rate change will affect your mortgage interest rate and payments. Use our calculator to get an idea of what a rate change could mean for your mortgage payments.
When your mortgage is affected by a base rate change we’ll write to you to confirm your new interest rate and monthly payment details.
Find out more about the base rate and your mortgage.
If you're worried about interest rates and paying your mortgage, we can help. Read more about how you could manage or reduce your payments.
How to use our base rate change calculator
To use our calculator, you’ll need to enter your remaining balance, the number of years and months left on your mortgage, and your current total interest rate (including the base rate).
You’ll then need to enter a new total interest rate (including the base rate) to see how a different interest rate could change your monthly payments.
Your mortgage information can be found on your annual statement, or by logging onto online banking.
dpws-tools-calculator-creator
The information provided by this calculator is a guide and should be used for indicative purposes only.
All tracker rates are subject to a 0% floor. This floor means that, no matter how far the Bank of England base rate is reduced, the interest rate on a tracker mortgage will never be a negative figure.
Next steps
I want to switch my mortgage rate
Find out more about switching to a different mortgage rate.
Unsure about any of the terms we have used?
See our jargon buster for help.
Bank of England base rate
Find out more about the base rate and your mortgage.