Bank of England Base Rate Update

On 6th of February 2025 the Bank of England’s Monetary Policy Committee (MPC) met and decided to decrease the Bank Base Rate by 0.25% to 4.50%.

Mortgages

Base Rate Tracker Mortgages to reduce by 0.25% with effect from 1st March 2025.

For all other mortgage products, we are currently reviewing market changes following the recent announcement by the Bank of England and will communicate any changes once a decision has been made.

If you have any concerns about financial difficulty, please contact the Mortgage Services Team on 01664 414141 so we can help support you.

Savings

We are currently reviewing market changes following the recent announcement by the Bank of England and will communicate any changes once a decision has been made.

Please bear with us – our telephone lines may be busier than usual as we help our customers.

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Melton Variable Rates

base rate information

Last updated – 12th February 2025

There are three main variable rates that may influence how much you pay on your mortgage, either now or when your current product expires.

These are:

Bank of England base rate – currently 4.50%, since 5th February 2025.

As a result, Base Rate Tracker Mortgages to reduce by 0.25% with effect from 1st March 2025.

Standard Variable Rate – currently 8.44% as of 1st February 2025.

Historic MBSL (Credit Repair) Standard Variable Rate – currently 8.94% as of 1st February 2025.

What is the Bank of England base rate?

The Bank of England base rate is the single most important interest rate in the UK. It might often be referred to as ‘Bank Rate’ or even just ‘the interest rate’.

The Monetary Policy Committee sets the base rate. The committee determines this rate to meet the target that the Government sets to keep inflation low and stable.

The base rate can influence the interest rate you pay on your mortgage or the interest rate you receive on your savings account, even if they are not directly linked.

For more information on the Bank of England base rate you can visit their website here.

What does this mean for your savings account?

We’re currently reviewing our rates in light of the last Bank of England base rate change. We’ll update this page and will write to you directly if the rate on your account is going to change.

More information

If you have any concerns about financial difficulty, please contact the Mortgage Services Team on 01664 414141 so we can help support you.

If you can’t find what you’re looking for, or would prefer to talk to us, you can! Get in touch with your local branch or call us on 01664 414141.

 

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