Bank of England base rate
Bank Rate determines the interest rate we pay to commercial banks that hold money. How does the Bank of England base rate affect me.
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Our Monetary Policy Committee MPC sets Bank Rate.
. Follow-on Rate FoR Santanders Follow on Rate FoR will be 375 from the beginning of March Bank of England base rate plus 325. Its part of the Monetary Policy action we take to meet the target that the Government sets us to keep inflation low and stable. The type of mortgage you have will determine whether you could be affected by a change to the Bank of England base rate.
What the Bank of England base rate rise means for your mortgage The base rate rise will hit those on SVRs but even if you have fixed you will soon have to pay more. In the news its sometimes called the Bank of England base rate or even just the interest rate. Santanders FoR is a variable rate that all mortgage deals taken.
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