We'll explain how a change to the the Bank of England base rate could affect your mortgage, savings or other products.
The current base rate
The base rate has changed to 4.75%. There's no need to call us - we'll write to you if there are any changes to your payments as a result of the base rate decrease on 7 November 2024.
The base rate is the interest rate the Bank of England charges on the money it lends to financial institutions like HSBC.
If the base rate changes, the interest rates that apply to financial products can change too. That's because the cost of providing some products is directly linked to the base rate.
How a base rate change could affect your mortgage
A change in the Bank of England base rate could affect your mortgage, depending on the type of mortgage you have and how much the rate has gone up or down.
| Mortgage type | Impact of base rate change |
|---|---|
Tracker rate
|
Your mortgage interest rate will change within a day. This will affect the amount of interest you pay.
|
Fixed rate |
No change – the mortgage interest rate will stay the same until the end of the fixed rate period. When the fixed rate period comes to an end, your mortgage will usually move to our Standard Variable Rate (unless you have arranged to move to another fixed rate or another type of rate). |
Standard Variable Rate Buy to Let Variable Rate |
No automatic mortgage interest rate change – these rates are not directly linked to the base rate – but we do review these rates whenever the base rate changes. |
Homebuyer CAT Standard Homebuyer Variable Rate Homebuyer Large Advance Variable Rate |
No automatic mortgage interest rate change – these rates are not directly linked to the base rate – but we do review these rates whenever the base rate changes. We guarantee that the interest rate will never be more than 1% above the base rate’. |
Second Charge Equity Release Loan Variable Standard Extra Large Advance House Mortgage Rate |
Your mortgage interest rate will change within 30 days. |
Amanah Home Finance |
There is no impact to Amanah Home Finance products. We review mortgage rates periodically and will contact you when your rate changes. |
| Mortgage type |
Tracker rate
|
|---|---|
| Impact of base rate change |
Your mortgage interest rate will change within a day. This will affect the amount of interest you pay.
|
| Mortgage type |
Fixed rate |
| Impact of base rate change |
No change – the mortgage interest rate will stay the same until the end of the fixed rate period. When the fixed rate period comes to an end, your mortgage will usually move to our Standard Variable Rate (unless you have arranged to move to another fixed rate or another type of rate). |
| Mortgage type |
Standard Variable Rate Buy to Let Variable Rate |
| Impact of base rate change |
No automatic mortgage interest rate change – these rates are not directly linked to the base rate – but we do review these rates whenever the base rate changes. |
| Mortgage type |
Homebuyer CAT Standard Homebuyer Variable Rate Homebuyer Large Advance Variable Rate |
| Impact of base rate change | No automatic mortgage interest rate change – these rates are not directly linked to the base rate – but we do review these rates whenever the base rate changes. We guarantee that the interest rate will never be more than 1% above the base rate’. |
| Mortgage type |
Second Charge Equity Release Loan Variable Standard Extra Large Advance House Mortgage Rate |
| Impact of base rate change | Your mortgage interest rate will change within 30 days. |
| Mortgage type |
Amanah Home Finance |
| Impact of base rate change |
There is no impact to Amanah Home Finance products. We review mortgage rates periodically and will contact you when your rate changes. |
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Any change to your mortgage interest rate will affect how much interest you have to pay.
If your mortgage interest rate changes, we'll automatically re-calculate your payments and send you a letter or a secure message through online banking with your new amount at least 17 days before your monthly payment.
For example, if the interest rate on your mortgage changes on 1 November and your payment is due on 5 November, payments for the new amount will start on 5 December.
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
Tools to help you work out your repayments
Base rate change calculator
Get a better idea of what a rate change could mean for your mortgage payments.
Repayments calculator
Work out how much your monthly payments could be.
Frequently asked mortgage questions
Still have a question about your mortgage?
If you need further help, speak to our team through Live Chat or give us a call on 0345 766 2255.
Just so that you know, if there's a Bank of England base rate change our call centre may be busier than usual.
Lines open Monday to Saturday 08:00 to 20:00, Sunday 09:00 to 18:00. Calls may be monitored and recorded. Opening hours within the mortgage departments may vary.
What a base rate change could mean for your savings
Our savings accounts aren't directly linked to the Bank of England base rate. That means you won’t see an immediate change to the rate of interest on your savings or investments.
However, we do review the interest rates on our accounts after a change to the base rate. If there are any changes to the interest rates, we'll let you know as soon as possible.
What a base rate change could mean for other products
Current accounts
A change to the base rate won’t affect your current account.
Overdrafts
Most of the interest rates attached to our overdrafts aren't linked to the base rate. But, we do have a small number of accounts with overdrafts where the interest rate is linked to the Bank of England base rate, and so these will change accordingly.
Credit cards and loans
The rates that apply to our credit cards and loans aren’t directly linked to the base rate. But, we constantly review all of our products and will always let you know about any changes that may affect you.