At noon on Thursday 5 November 2026, the Bank of England raised Bank Rate by 0.25 percentage points, from 3.75% to 4%. It is the first rise in more than three years.

The Monetary Policy Committee voted 8 to 1. Eight members voted for the 0.25 point rise. One member, Catherine Mann, voted for a 0.5 point rise to 4.25%.

This guide covers what the decision means if you are on a fixed rate, a tracker or your lender's standard variable rate, what the Bank said about what comes next, and what to check if your deal is ending soon. Bank of England figures are as announced at noon on 5 November 2026. Moneyfacts figures are from 4 November.

Why the Bank raised rates

Energy prices. The Bank said the conflict in the Middle East is now in its ninth month and global energy prices have continued to rise from an already high level.

Inflation. UK CPI inflation rose to 3.5% in September. The Bank now expects it to rise to around 5% by the middle of next year, then fall as the effect of energy prices on 12-month inflation rates fades. Its target is 2%.

Stronger activity. The Bank said activity data in recent months have generally been stronger than expected, which added to the case for a rise.

Limited knock-on effects so far. The Bank said there is still limited evidence of knock-on effects on other prices and wages, but that the inflationary pressure in the pipeline is now enough to justify a rise.

Our post on why the war in the Middle East pushed up mortgage rates sets out how energy prices reach mortgage rates.

Will interest rates keep rising?

The Bank's official position. The Bank said monetary policy is not on a pre-set path. The Committee will assess the evidence at each meeting, in particular whether high energy prices feed through to other prices, pay and the wider economy. It will adjust Bank Rate as necessary to return inflation to 2% in the medium term.

Individual members differ. The published minutes record each member's reasoning.

• Megan Greene said additional rises will likely be required, with the later path depending on pay, pricing behaviour and slack.

• Huw Pill said a single 0.25 point rise is unlikely to be enough, and that more tightening is likely to be needed, including in the near term.

• Clare Lombardelli said that unless evidence shows weaker inflation pressures, there is likely to be a case for a further rise in the near term.

• Andrew Bailey said that without news that softens the risks to inflation, he can see the argument for a further rise, followed by a more conditional approach.

• Alan Taylor said this is not the start of a hiking cycle and called it a one-for-now insurance rise. He said the next move could be up, down or sideways.

What the Bank's market survey showed. The Bank's latest survey of market participants had the median expectation for Bank Rate at 4% in November and 4.25% in February.

The next decision. The next Monetary Policy Committee decision is on Thursday 17 December 2026.

Nobody can say how many further rises there will be, if any. The Bank's own summary does not commit to a path.

What the decision means for your mortgage

If you are on a fixed rate

Your rate and payment do not change during the fixed period, whatever the Bank of England decides. The decision matters when your deal ends, because new fixed rates are priced from swap rates, which reflect where markets expect interest rates to go.

If you are on a tracker

Your rate moves with Bank Rate. Moneyfacts calculates that each 0.25 percentage point rise adds about £37 a month on a £250,000 repayment mortgage over 25 years. Check your lender's terms for when the change takes effect.

If you are on your lender's standard variable rate

On 4 November the average standard variable rate was 7.13%, against 5.97% on the average two-year fix. A standard variable rate can change when Bank Rate does, and your lender decides whether to pass a rise on.

If your fixed rate is ending within six months

Most lenders let you secure a new rate up to six months before your current deal ends. We can often secure a rate early and then resubmit the case nearer completion if rates fall. Moneyfacts puts the average revert rate at around 7%, so it matters to have the next deal in place before your current one ends. We compare a product transfer with your existing lender against remortgage rates across the whole market.

If you are buying or moving home

The rate you are offered depends on your deposit, whether you are buying or remortgaging, the product fee and your circumstances. See our pages for first-time buyers and home movers.

How fixed rates stand

Before the decision. On 4 November, Moneyfacts reported the average two-year fixed rate at 5.97% and the average five-year fix at 6.00%. The average new mortgage rate was 5.89%, the highest since November 2023.

Already moving. The Bank said benchmark two-year mortgage rates had risen by nearly 50 basis points since the beginning of September, ahead of this decision.

After the decision. It is too early to say how lenders will reprice. Moneyfacts said on 4 November that major lenders could change course over the coming days.

These are averages across every deposit size. They are not the rate you will be offered. You can check live mortgage rates for your own deposit and property value.

Our guide to how UK mortgages are priced explains swap rates and lender margins.

Why advice matters while rates are moving

The average is not your rate. The figure that matters is the rate available for your deposit, your income and your property, from the lenders who will accept your application.

Lenders change prices quickly. A deal that is available this morning can be withdrawn or repriced before you apply.

The lowest rate is not always the lowest cost. We compare the total cost over the fixed period, including fees and any early repayment charge on your current deal.

For more on timing, read should I fix my mortgage now or wait for rates to come down?

Your questions answered

Does the Bank Rate rise change my fixed rate mortgage?

No, not until the fixed period ends. It applies to trackers and standard variable rate mortgages directly, and it feeds into the rates on new fixed deals through swap rates.

Will my tracker mortgage payment go up?

Yes, your rate rises in line with Bank Rate, subject to your lender's terms. On a £250,000 repayment mortgage over 25 years, Moneyfacts puts each 0.25 percentage point rise at about £37 a month.

Will the Bank of England raise rates again?

The Bank says policy is not on a pre-set path and it will assess the evidence at each meeting. Some members have said further rises are likely to be needed, and one has said the next move could be up, down or sideways.

Should I fix now or wait?

Nobody can say which way fixed rates will move. They follow swap rates, which move daily. If your current deal ends within six months, most lenders allow a new rate to be secured now.

When is the next Bank of England decision?

Thursday 17 December 2026.

Talk to an Adviser About Your Mortgage

We compare the whole market and tell you what is available for your deposit or equity, your income and your property. Check live mortgage rates or contact us to speak to one of our advisers about a purchase or a remortgage.