On Thursday 1 August 2024, the Bank of England announced a decrease in its base rate from 5.25% to 5%.
Bank of England base rate changes
What has changed
Tracker mortgages
We’ll be decreasing variable rate mortgages indexed to the base rate by 0.25% from 1 September 2024, in line with existing terms and conditions.
We’re working through what this means for TMW Managed rates and other variable rates and we’ll update our website in due course.
Fixed rate mortgages
If your client is on a fixed rate mortgage, nothing will change.
The interest rate and monthly payments stay the same until the end of the fixed deal.