Updated 5 November 2026
The Bank of England raised Bank Rate by a quarter point to 4.00% on 5 November 2026, voting 8-1, its first rise since August 2023. Tracker payments go up by about £13.89 a month for every £100,000 on a 25-year repayment loan, while fixed rates had largely priced the move in. Mortgage One is a whole of market mortgage adviser pricing trackers, fixes and product transfers for borrowers hit by the November rise.
If you are on a tracker or a variable rate and want to know whether to move before the next payment, call 01202 155992 or contact Mortgage One.
Key facts: the Bank Rate rise to 4% on 5 November 2026
Bank Rate rises from 3.75% to 4.00% after the Monetary Policy Committee voted 8-1 on 5 November 2026. It ends a run of six holds this year and is the first increase since Bank Rate reached 5.25% on 3 August 2023. Market pricing on 3 November had put the chance of the rise at 100%.
Decision: Bank Rate raised by 0.25 points to 4.00% on Thursday 5 November 2026
Vote: 8-1, eight members for a quarter point and Catherine Mann for a half point to 4.25%
Next decision: Thursday 17 December 2026, then 4 February 2027 with the Monetary Policy Report
Market path one year ahead: Bank Rate priced at 4.79% for November 2027 on the latest SONIA curve, dated 3 November 2026
Average 2-year fix, seven big lenders at up to 60% LTV: 5.04% at our 31 October 2026 check
Cost on a tracker: about £13.89 more a month per £100,000 over 25 years, £20.83 a month on interest only
How much will my mortgage go up after the rate rise?
On a 25-year repayment tracker near 4%, each £100,000 borrowed costs about £13.89 more a month, £166.72 a year. That is about £27.79 a month on £200,000 and £41.68 on £300,000. Interest-only borrowers pay £20.83 more a month per £100,000. Fixed-rate payments do not change until the deal ends.
The worked figures use Halifax's 2-year tracker, Bank Rate plus 0.24 points, which moves from 3.99% to 4.24%. On £100,000 over 25 years the monthly payment goes from £527.28 to £541.18. The gap barely changes with the starting rate: a borrower paying 4.96% would see a rise of about £14.63 per £100,000. Most of the payment is still capital and interest set by the loan size and term, so the rise matters most on large loans and short remaining terms.
Your lender sets the date the new rate applies under your mortgage terms and confirms the new payment in writing. Borrowers on a standard variable rate are in a different position: that rate is set at the lender's discretion, so it may rise by the full quarter point, by less, or later, and each lender announces its own change.
Tracker mortgage rates after the November rise, lender by lender
Every tracker moves by the same 0.25 points, so the margin decides which is cheapest. At the margins in our 5 November table, Halifax pays 4.24%, NatWest and Santander 4.33%, Nationwide 4.34%, HSBC 4.40%, Barclays 4.42% and TSB 4.69% on a 2-year tracker at up to 60% LTV.
Those figures are each lender's published margin over Bank Rate, read from the tracker mortgage rates by lender table and added to the new 4.00%. Lenders can reprice the margin on new trackers at any time, so a new application is priced on the day it is made. Existing tracker holders keep their contractual margin for the life of the deal. Most big-lender trackers carry no early repayment charge, which means a borrower who wants certainty after the rise can usually move to a fix without a penalty.
Why fixed mortgage rates may barely move after the rise
Fixed rates are priced from swap rates, and swaps had already assumed the rise. On the 3 November SONIA reading the market priced Bank Rate at about 4.06% by early January, so lenders were quoting fixes for a 4% world before the vote. What moves fixed pricing now is the outlook in the vote and the forecasts.
The split matters because the market reads it as a signal for 2027. On 17 September three of nine members voted for 4%, Megan Greene, Catherine Mann and Huw Pill. On 5 November no member voted to hold and Catherine Mann wanted half a point. The Bank now expects inflation, 3.5% in September, to reach about 5% by mid-2027, and the Governor said the rise is unlikely to be the last unless the conflict in the Middle East is resolved. On 3 November the SONIA curve priced Bank Rate at about 4.76% by October 2027. Our explainer on why mortgage rates are going up covers how lenders passed that expectation into pricing through the autumn, and our swap rates and lender margin chart shows how much of each fixed rate is funding cost and how much is margin.
Which lenders moved fixed rates ahead of the vote?
Most trimmed. HSBC, Halifax, TSB and Accord cut purchase fixes in the fortnight before 5 November, Santander moved both ways and Nationwide raised its 2-year switch rate for existing customers to 4.94% at 60% LTV. Lenders cut margin into a rise they had already priced, so the decision itself need not reverse those cuts.
From each lender's own published ranges: HSBC took its 2-year fix at 60% LTV from 5.04% to 4.96% and its 5-year from 5.06% to 4.99% on 20 October. Halifax cut its 2-year at 60% on a £1,099 fee from 4.85% to 4.78% the same day. Santander lifted its 2-year to 5.01%, trimmed its 5-year to 4.94% and cut its 2-year tracker from 4.23% to 4.08% on 21 October. Nationwide cut its 2-year home mover fix at 60% on a £999 fee from 5.04% to 4.94% from 4 November. TSB's 22 October guide took its 2-year purchase fix at 60% from 5.09% to 5.04%, and Accord cut purchase fixes by 0.06 points the same day. The current UK mortgage rates table carries the lowest fixes by lender as each change lands.
If your deal ends within six months and you want a fix reserved before any post-decision reprice, call 01202 155992 or contact Mortgage One.
Is a fix or a tracker better after the base rate rise?
It depends on what you can absorb. A tracker still prices below most fixes after the rise, but the market expects more increases into 2027. A fix trades a higher starting rate for a payment that cannot move. Reserving a fix up to six months ahead keeps the option to switch if pricing falls.
The comparison is closer than it was in the summer. Halifax's tracker at 4.24% sits below HSBC's 2-year fix at 4.96% at our 5 November check, but on the pre-vote curve two or three more rises would close most of that gap within a year. Our analysis of whether to fix your mortgage now or wait weighs the two against the November outlook, and our page on will mortgage rates go down follows what lenders do with fixed pricing each week.
Borrowers whose deal is ending have the most to gain from acting early. Our guide to how you can lock in a mortgage rate before your deal ends sets out each big lender's switch window and how long the offer holds. A revert rate is set by the lender, and Barclays' follow-on rate, written as Bank Rate plus 1.99 points, moves to 5.99% with the rise. Our remortgage rates table and product transfer guide show both routes off a revert rate.
What happens next: the 17 December decision and 2027 dates
The next decision is on Thursday 17 December 2026 at 12 noon, the last of the year. The 2027 dates open on 4 February, which carries the Monetary Policy Report, then 18 March and 29 April. A tracker payment can change again at each of them.
Our page on the next Bank of England meeting carries the full calendar and the vote record through 2026. On the Bank of England base rate history since 1975, 4% still sits below the 51-year average of 6.11%, the level Bank Rate last held between August and December 2025.
Figures as of 5 November 2026, London.
For a free initial consultation on a tracker, a fix or a product transfer after the November rise, call 01202 155992 or contact Mortgage One.
Back to interest rate predictions UK
The information provided in this article is for general guidance only and does not constitute personal or regulated financial advice. If you'd like to understand what these moves could mean for you, speak to Mortgage One. We can explain your options and timings based on your specific circumstances.
FAQs
1. What is the Bank of England base rate now? Bank Rate is 4.00% after the Monetary Policy Committee voted 8-1 to raise it by 0.25 points on 5 November 2026. It had been 3.75% since 18 December 2025. The next decision is due on 17 December 2026.
2. How much will my mortgage go up after the base rate rise? On a tracker, about £13.89 a month more for every £100,000 on a 25-year repayment mortgage, or £20.83 a month per £100,000 on interest only. A fixed-rate payment does not change until the fixed period ends.
3. Does the base rate rise affect a fixed rate mortgage? Not during the fixed period. Your rate and payment stay the same until the deal ends. The rise matters when you choose your next deal, because fixed rates on sale now are priced for Bank Rate at 4% or higher.
4. When will my tracker mortgage payment go up? Your lender applies the new rate on the date set out in your mortgage terms and writes to confirm the new payment. A tracker moves by the full 0.25 points, so Halifax's 2-year tracker at Bank Rate plus 0.24 moves from 3.99% to 4.24%.
5. When is the next Bank of England interest rate decision? Thursday 17 December 2026, announced at 12 noon. The 2027 calendar starts on 4 February, which comes with the Monetary Policy Report, then 18 March and 29 April.
6. Should I switch from a tracker to a fix after the rise? It depends on how much payment change you can absorb. Most big-lender trackers carry no early repayment charge, so you can usually move to a fix without a penalty. A fix gives certainty at a higher starting rate, a tracker stays cheaper unless more rises follow.
7. Can a mortgage broker help after a base rate rise? Yes. A broker compares trackers, fixes and your lender's product transfer on total cost and can reserve a rate up to six months ahead. Mortgage One's initial consultation is free.