This means anyone with a tracker mortgage will immediately see their monthly payments reduced, while standard variable rate (SVR) deals can also be influenced by the base rate, although it is down to your lender to decide whether they pass on any increases or deductions.
Barclays, HSBC, Santander and Nationwide announce huge changes to mortgages - and it's good news Barclays, HSBC and Nationwide are among the major lenders that have reduced their mortgage rates following the Bank of England interest rate decision this week.
New tracker and SVR rates have been reduced from today, however, no changes have been announced to its fixed rate deals.
Barclays is cutting tracker and SVR rates for existing by 0.25 percentage points on March 1, 2025, while new products are being adjusted by the same amount today.
If you have a tracker or SVR mortgage with Santander, your rate will decrease by 0.25 percentage points on March 3, 2025.