Bank of England November 2026 Decision: What to Expect
- BoE Bank Rate (next decision Thu 5 Nov 2026)
- 3.75%BoE Bank Rate (next decision Thu 5 Nov 2026)
- best 2yr tracker (moves with Bank Rate)
- 3.99%best 2yr tracker (moves with Bank Rate)
- best 2yr and 5yr fix (priced off swaps)
- 4.78%best 2yr and 5yr fix (priced off swaps)
- average SVR (Moneyfacts)
- 7.13%average SVR (Moneyfacts)
As of 3 November 2026 Bank Rate is 3.75%, and the Bank of England announces its next decision at 12:00 on Thu 5 Nov 2026. A rise to 4.00% is widely expected: 54 of 63 economists in a Reuters poll on 15 October forecast one. This guide shows what each outcome means for trackers, standard variable rates and fixed rates, which start at 4.78% on both 2 and 5 years today.
What a 0.25% rise on 5 November would change
Swipe the table sideways to see every column.
| Mortgage type | Rate today (3 Nov) | Rate if Bank Rate rises to 4.00% | When it moves |
|---|---|---|---|
| Bank Rate | 3.75% | 4.00% | 12:00 on 5 November |
| Best 2-year tracker | 3.99% | 4.24% | Immediately, usually from the next payment (base plus a fixed margin) |
| Average standard variable rate | 7.13% | about 7.38% | Usually within 1 month; most lenders pass the rise through |
| Best 2-year fix | 4.78% | 4.78% until lenders reprice | Existing fixes never change; new deals can be repriced within days |
| Best 5-year fix | 4.78% | 4.78% until lenders reprice | As above; priced from 5-year swap rates |
Will mortgage rates go up? How each type responds
Trackers
A tracker is Bank Rate plus a fixed margin, so it moves by exactly the change in Bank Rate. The best 2-year tracker is 3.99%; a 0.25% rise takes it to 4.24%.
Standard variable rates
SVRs are set by each lender, not linked by formula, but most lenders pass a rise through within a month. The average SVR is 7.13%, so a pass-through would take it to about 7.38%. If you are on an SVR, switching is usually the biggest saving available.
Fixed rates
New fixed rates are priced from swap rates, which already reflect what markets expect from the MPC. That is why the best 2-year and 5-year fixes are level at 4.78% even before the decision. Lenders may still reprice within days of the announcement if the vote or the guidance surprises markets.
Existing fixed deals
Your rate does not change until the fixed period ends. What changes is the rate you will be offered when it does, which is why remortgage planning six months ahead matters.
Deal shelf life
The average mortgage deal now stays on sale for 13 days (Moneyfacts). A rate you are quoted today may not be there next week, and decision weeks are when withdrawals cluster.
What happens on 5 November
The MPC announces at 12:00 on Thursday 5 November 2026, with the vote split and the Monetary Policy Report published at the same time. If it holds, markets are likely to keep pricing a rise at the 17 December meeting.
If it raises Bank Rate to 4.00%, trackers and SVRs follow and lenders may reprice new fixes within days. We will update this guide on 5 November.
Tracker or fix if rates rise: worked example
- Best 2-year tracker at 3.99%
- £1,318 a month
- Best 2-year fix at 4.78%
- £1,430 a month
- If Bank Rate rises 0.25% (tracker 4.24%)
- saves £77 a month
- If Bank Rate rises 0.50% (tracker 4.49%)
- saves £41 a month
- The tracker stays cheaper until rises reach about
- 0.79%
£250,000 over 25 years on a repayment mortgage.
Today the tracker saves £111 a month.
Indicative figures, capital and interest, fees excluded. A tracker suits you only if you could absorb the higher payment.
Deals last 13 days on average - lock in today, review before completion
The figures above are indicative and describe the best case. Send your own scenario and we will come back the same working day with terms from the lenders that actually fit it.
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Rate context and outlook
Bank Rate is 3.75% (next decision Thu 5 Nov 2026). Most economists expect a rise to 4.00%: 54 of 63 in a Reuters poll on 15 October. Fixed rates are priced from swap rates rather than Bank Rate, so much of the expected move is already in fixed pricing: the best 2-year and 5-year fixes are now level at 4.78%, and the Moneyfacts averages are 5.97% (2-year) and 6.00% (5-year).
The average deal stays on sale for only 13 days (Moneyfacts), so a quoted rate can disappear quickly. If your deal ends in the next six months, securing a rate now and reviewing it before completion is the lower-risk approach. Trackers (best 2-year 3.99%) move with every Bank Rate change.
Reviewed by David Doulton, Director, Doulton Bridging Finance, over 20 years in property finance. Last reviewed 3 November 2026. Doulton Money Ltd t/a Doulton Bridging Finance, FCA No. 814533.
Frequently asked questions
When is the Bank of England interest rate decision in November 2026?
Thursday 5 November 2026 at 12:00. The next one after that is Thursday 17 December 2026.
Will mortgage rates go up in November 2026?
A rise to 4.00% is expected, so trackers and SVRs would go up. Fixed rates already price in much of that, starting at 4.78%, though lenders may reprice after the announcement.
What happens to my tracker mortgage if Bank Rate rises?
It rises by the same amount, usually from your next payment. On £250,000 over 25 years, each 0.25% adds roughly £35 a month.
Does a Bank Rate rise change my fixed rate?
No. Your rate is fixed until the deal ends. It affects the rates you are offered when you remortgage.
Should I fix before the decision?
If your deal ends within six months, securing a rate now protects you against repricing, and most lenders let you switch to a cheaper product before completion if rates fall.
Why are 2-year and 5-year fixes the same rate?
Both are priced from swap rates, and markets expect Bank Rate to peak and then ease, which flattens the curve. In November 2026 the best of each is 4.78%.
How much will my SVR go up?
Most lenders pass a Bank Rate rise through to their SVR within about a month. The average SVR is 7.13% (Moneyfacts), about 7.38% with a 0.25% pass-through.
Do bridging and business loans change with Bank Rate?
Variable business facilities priced over Bank Rate move with it. Bridging is priced from lender funding costs, so a 0.25% move rarely shows up one-for-one in monthly rates.
How much can I borrow?
Usually 4 to 4.5 times income, with some lenders going to 5 or 5.5 times for higher earners and certain professions, subject to affordability.
How long does a mortgage take?
A mortgage in principle takes minutes to a day; a full offer usually takes 2–4 weeks from application.
Is a lower rate with a high fee better than a no-fee deal?
It depends on the loan size. On smaller loans the no-fee deal often wins; we compare the total cost over the fixed period.
How early can I remortgage?
You can secure a new deal up to six months before your current one ends.
What documents will I need?
ID, proof of address, 3 months' payslips and bank statements, or 2 years' accounts or tax calculations if self-employed.
Where this applies
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Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Think carefully before securing other debts against your home.
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Independent whole-of-market advice · FCA No. 814533