Bank of England base rate
The Bank Rate is the Bank of England's policy rate — often called the base rate. It feeds into tracker and variable mortgage pricing, savings rates, and wider borrowing costs.
3.75%
- Latest observation
- 2 October 2026
- Series
- IUDBEDR
Data source & disclaimers
The figure in the hero is indicative. Mortgage118 reads the published daily series; always verify the live rate with the Bank of England before making decisions.
Series IUDBEDR
Official Bank Rate — confirm on the Bank of England before acting.
Latest daily observation in the Bank of England series IUDBEDR (Official Bank Rate): 2 October 2026. This page is regenerated periodically (last build slice: 6 October 2026).
Always confirm on the Bank of England Bank Rate page.
Bank Rate history
The next MPC announcement is the first row, then rate changes, newest first. The chart under the table uses the same dates.
| Effective from (series date) | Bank Rate |
|---|---|
| 5 Nov 2026Next | Scheduled |
| 18 December 2025 | 3.75% |
| 7 August 2025 | 4% |
| 8 May 2025 | 4.25% |
| 6 February 2025 | 4.5% |
| 7 November 2024 | 4.75% |
| 1 August 2024 | 5% |
| 3 August 2023 | 5.25% |
| 22 June 2023 | 5% |
| 11 May 2023 | 4.5% |
| 23 March 2023 | 4.25% |
Bank Rate over time
Time range
10 years: 24 changes in view
Step line: the rate stays flat until the next BoE change. Hover or focus a marker for the exact date and percentage; click to match a table row.
Tip: click a dot to jump to that row in the table. Click again to clear the highlight.
Illustrative tracker margins
Arithmetic only — not a quote. If a tracker were Bank Rate plus a fixed margin, the all-in rate would move with Bank Rate; your offer terms and rounding may differ.
| Margin above Bank Rate | Illustrative all-in rate now | If Bank Rate +0.25% |
|---|---|---|
| +0% | 3.75% | 4.00% |
| +1% | 4.75% | 5.00% |
| +2% | 5.75% | 6.00% |
How this affects your mortgage
Product types respond differently when the Bank of England changes Bank Rate.
Fixed-rate deals lock your pay rate for the fixed period; your monthly payment usually stays the same until the fix ends, even when Bank Rate moves. New fixed rates in the market reflect swap curves and funding costs as well as expectations for Bank Rate.
Tracker mortgages typically follow Bank Rate (or a similar reference) plus a set margin for the tracker period — so your pay rate often moves up or down when Bank Rate changes, subject to your offer terms and any “floor” rate.
Standard variable rate (SVR) is set by each lender. It often moves after Bank Rate changes, but lenders are not required to pass on any particular amount or timing.
Lenders must assess affordability against stressed interest rates (not just today's pay rate). For personalised scenarios, speak to an FCA-authorised mortgage broker or adviser.
Bank Rate vs “base rate”
Official name versus everyday language.
The Bank of England's policy rate is officially called Bank Rate. In everyday language, many people and lenders still say base rate. On this page we use both terms to match how borrowers search and how lenders describe products.
Who sets it and how often?
The Monetary Policy Committee (MPC) and the published meeting schedule.
The Monetary Policy Committee (MPC) votes on Bank Rate to meet the inflation target. The committee publishes a schedule of meetings; Bank Rate can change on those decision dates (or at other times if the Bank announces an interim change). It does not move every day — the daily series shows the same level until a decision updates it.
Common questions
Quick answers — not regulated advice.
Does my fixed rate change when base rate changes?
During the fixed period, your contractual pay rate normally stays the same. When the fix ends, you usually move to a follow-on rate (often the lender's SVR or a new product you choose) — that is when wider rate moves tend to matter most.
Is the Bank Rate the same as my mortgage rate?
No. Bank Rate is a policy reference. Your mortgage rate is set by your lender's product rules: fixed, tracker, discount, or SVR, plus fees and incentives.
Where is the authoritative figure?
More on Mortgage118
Tools and guides that sit alongside this reference.
Browse our broker directory by area, see typical rate ranges for first-time buyer mortgages, read our guide on how much a mortgage broker costs (including how base rate affects example payments), or with a broker. Mortgage118 does not provide regulated advice.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. Information on this page is for general guidance only and does not constitute financial advice.Always verify details directly and seek independent advice before making financial decisions.