The Bank of England Base Rate is set by the Monetary Policy Committee (MPC) and is normally reviewed monthly. The MPC consists of economists and bankers and will take account a range of economic factors before deciding.
Currently the rate is 0.5%
You maybe on a Lifetime tracker mortgage or standard tracker mortgage for a specific period.
We don’t expect Bank of England to increase the interest rate anytime soon. If you need advice and are seeking mortgage options, please contact us