Bank of England 5 November rate decision: fixed v variable mortgages with Bank Rate at 3.75%

The same UK mortgage can work in two ways: monthly payments stay the same throughout the fixed period, or they move with a single number. That number is Bank Rate, the Bank of England's official interest rate, which stood at 3.75% as of 2 November 2026.

According to the Bank of England's schedule, the Monetary Policy Committee (MPC) will next announce its decision on Thursday 5 November 2026, alongside the MPC summary, the minutes and the November Monetary Policy Report. The report is published only with the February, April, July and November decisions; the next meeting after that, on 17 December, brings only the summary and minutes.

Behind the 3.75% is a 6–3 vote

The Bank's interest rate page lists holds at 3.75% on 18 June, 30 July and 17 September 2026. The latest meeting ended on 16 September and was announced the next day. The committee voted 6–3 to leave the rate unchanged, while three members, Megan Greene, Catherine L Mann and Huw Pill, voted to raise it to 4%.

The summary for that meeting says UK Consumer Prices Index (CPI) inflation rose to 3.1% in August 2026 and is expected to rise further over the coming quarters. The building society Nationwide explains that the committee considers factors such as inflation, employment and consumer confidence when setting the rate.

An unchanged rate does not mean those who voted were in agreement.

How Bank Rate reaches mortgage payments and savings

The Bank of England says that when Bank Rate rises, banks usually charge borrowers more on loans, which can mean higher mortgage payments; when it falls, borrowing typically becomes cheaper. Savings work the same way: when rates rise, banks usually offer higher interest on savings, and when they fall, savers typically earn less.

The effect can be quick. The Bank's September minutes say higher short-term rates have passed through quickly to household lending rates, with the quoted two-year fixed mortgage rate about 0.95 percentage points higher than before the Middle East conflict. In other words, even if Bank Rate stays put, the price of a new fixed-rate mortgage may already have changed.

Fixed-rate mortgages: trading rate for certainty

The Royal Bank of Scotland (part of NatWest Group) describes a fixed-rate mortgage as one where the rate stays the same for a set period, such as two or five years, making payments predictable. Nationwide adds that when the fixed period ends, the borrower moves to the lender's Standard or Base rate.

So the key date for a fixed rate is not only the decision day but also the end date of your own deal. After it ends, the rate becomes the lender's Standard or Base rate, not the figure you signed up to.

Tracker mortgages: following Bank Rate up and down

A tracker mortgage is a type of variable-rate mortgage. The Royal Bank of Scotland explains that it follows a benchmark rate, typically the Bank of England base rate, for a set period often of two, three or five years: payments fall if the benchmark drops and rise if it goes up.

Nationwide is more specific: a tracker rate is a set percentage above Bank Rate, so payments rise and fall with it. A contract can include a tracker floor, which means the mortgage rate will not fall below a set level even if Bank Rate drops.

Three rate arrangements at a glance (as of November 2026, general information)

• Fixed-rate mortgage: the rate stays the same during the fixed period and payments are predictable; afterwards the borrower moves to the lender's Standard or Base rate.
• Tracker mortgage: the rate is Bank Rate plus a set margin, so payments rise and fall with Bank Rate; a contract can include a tracker floor.
• Lender's Standard or Base variable rate: Nationwide says its Base and Standard variable rates could potentially be influenced by a change in Bank Rate.

Nationwide also says its existing members can switch to a fixed rate at any time. Terms and fees differ between lenders, so check with your own lender before switching.

Savers: savings rates may already have adjusted

The result on 5 November is not yet known, and what follows is market expectation only, not a conclusion. The comparison site DepositScout, in an article updated on 28 October 2026, says swap market pricing had fully priced in a Bank Rate rise by December, and that savings providers were pricing for a rise that had not yet happened. This is the comparison site's view of the market, not a decision by the Bank of England; this article will be updated once the decision is announced.

Four things to do before the decision

1. Find out whether your mortgage is a fixed rate, a tracker or a standard variable rate, and note when the fixed or tracker period ends.
2. If you have a tracker mortgage, check how far above Bank Rate your rate is and whether the contract has a floor.
3. If your fixed period is about to end, ask your lender which Standard or Base rate will apply afterwards.
4. Savers should note that deposit rates may change around the decision; when comparing, use the rate the bank publishes on the day.

Neither fixed nor variable is better in every case: the former leaves the uncertainty with the lender, the latter leaves it on your own payment statement. The real question is how much movement your cash flow can bear. The Royal Bank of Scotland's mortgage page also warns that a home may be repossessed if mortgage repayments are not kept up. This article gives general information on UK mortgages and savings in 2026 and is not personal financial advice; if you need to make a decision based on your own circumstances, consult a licensed professional.

Prices and details correct as of November 2026

This article is general information, not investment, tax or insurance advice. Everyone’s circumstances differ; consult a licensed professional before making decisions.