Base rate changes tend to affect some borrowers faster than others.
- Tracker mortgages usually move in line with the base rate (often base rate plus a set margin), so monthly payments may reduce quickly after a cut.
- Standard Variable Rate (SVR) mortgages can change at the lender’s discretion. Some lenders may pass on cuts quickly, others may reduce rates more slowly or by a smaller amount.
- Fixed rate mortgages typically won’t change until your fixed period ends, because the rate is locked in for the agreed term.
If you’re on a tracker or SVR, it’s worth checking your lender’s communications over the next few days to see whether your rate (and payment) is changing.
What does this mean if you’re remortgaging soon?
If you’re coming to the end of a fixed rate, a base rate cut can be a positive signal — but it doesn’t automatically mean fixed rates will drop overnight.
Mortgage pricing is influenced by several factors, including market expectations about future rates, lender funding costs, and competition between providers.
- If your deal ends soon, you may be able to secure a new rate in advance and still switch later if something better appears.
- If you’re on SVR after your fix ends, you could be paying more than necessary — even after a base rate cut — so it’s worth reviewing options early.
- If affordability is tight, it can help to explore a range of products (including different fixed terms) and consider total costs, not just the headline rate.
If you’d like, we can help you compare suitable deals and sense-check your options before you commit — especially if your renewal date is within the next few months.