What is the Bank of England Base Rate?
The Bank of England Base Rate is announced by the Monetary Policy Committee every month. Mortgage Lenders use this interest rate to calculate the interest for some of their mortgage offerings. Should there be a change to the Bank of England Base Rate many mortgage lenders may review their mortgage rates.
How could it affect you?
The Bank of England Base Rate is taken in to account as a factor when deciding the Ulster Bank Base Rate. Therefore, if the Bank of England Base Rate changes, your monthly payment may be affected if you are on a Tracker or a Flexible Variable rate mortgage. If you are on a Fixed rate your monthly mortgage payment will not be affected by any change to the Bank of England Base Rate for the period of time your fixed rate mortgage is in place.