05/11/2026
Bank Of England Increase Base rate to 4%
What does that mean?
If you’re already on a fixed rate then nothing will change immediately. It may however, mean that when you come to remortgage, your rate is likley to be higher, we expect those coming off 5 year rates (fixed in when the BoE Rate was between 0.1% to 1%) to be most heavily affected.
If you’re on a variable rate such as Variable rate/tracker then it's likely that your payments will rise. Using an example of £200,000 over 25-year repayment mortgage it’s to be approx. £30 extra per month.
We recommend that you speak to your broker if you’re worried about how this rate rise may affect you personally. There’s plenty of support there from lenders, quite a number of which have signed up to the government mortgage charter scheme which may be able to offer temporary and longer-term financial assistance (depending on your personal circumstances).
If you want to check the difference a change in your mortgage rate is likely to be please feel free to use our Mortgage Repayment Calculator Tool: https://www.mortgagemonster.co.uk/repayment-calculator
