The Bank of England raised Bank Rate from 3.75% to 4% on 5 November 2026. At the meeting ending on 4 November, eight Monetary Policy Committee members backed the 0.25 percentage point rise and one wanted a larger increase to 4.25%. The official summary and minutes were published on 5 November, which the Bank’s rate history records as the change date.

For buyers across the UK, this is a reason to check the mortgage figures behind the planned move. Your lender’s rate and contract determine your payment. The 4% Bank Rate is a policy rate and should not replace the mortgage rate in your budget.

Check which mortgage you have

MoneyHelper’s guide to mortgage types explains the differences.

  • A fixed mortgage keeps its agreed interest rate during the fixed period. Check the date that period ends and what follows it.
  • A tracker linked to Bank Rate follows that rate according to its terms. Ask the lender for the revised payment and the date it starts.
  • A standard variable rate is set by the lender. Check its notification instead of assuming the payment rises by a particular amount on announcement day.

If you are choosing a new mortgage, use a current written illustration. MoneyHelper explains that lenders can adjust rates ahead of a Bank decision. An earlier quote needs checking against the product currently available to you.

October quoted mortgage rates

The Bank of England’s October quoted-rate data show that the average advertised two-year fixed mortgage rate at 75% loan-to-value rose from 5.13% in September to 5.39% in October, an increase of 0.26 percentage points. A 75% loan-to-value mortgage means borrowing equal to 75% of the property’s value.

The Bank’s methodology explains that these are weighted monthly averages for defined products. Fees and cashback are excluded from the published rates. October’s measurement period comes before the 5 November Bank Rate decision, so the comparison does not measure lenders’ response to that decision. Use it as background when checking a current illustration, including fees and your own deposit, rather than as an available mortgage offer.

What a quarter-point increase could mean

As an illustration, a £200,000 repayment mortgage with 25 years remaining costs about £1,169 a month at 5%, or £1,198 at 5.25%. That is about £29 more each month if the mortgage rate itself rises by 0.25 percentage points.

These are our calculations using equal monthly payments, no added fees and the same balance and remaining term in both cases. The rates are examples, with no claim that either is available to you. Your lender’s payment dates, interest method and rounding can produce a different figure.

Use the mortgage repayment calculator with your own loan amount, term and quoted rate. Keep each scenario dated so it remains clear which rate you used.

Before committing to the move

Ask your lender or adviser to confirm the offer’s expiry date, any conditions still outstanding and how a changed completion date would affect it. If you plan to move an existing mortgage to another property, ask what approval and additional borrowing terms are required.

Add the confirmed monthly payment to your new-home running-cost budget. Keep the deposit, purchase fees and removal expenses in your moving budget so there is still cash available for completion and the move itself.

The Bank lists its next decision for 17 December. That is a review date, with the outcome still to be decided. Base a purchase budget on confirmed terms and your own spending, rather than a forecast of the next decision.