What is the Bank of England Base Rate and how might it impact you?

The Bank of England Base Rate has been set at 5.25%.

It could potentially change so the information here will help you understand how this would impact you. Whenever the rate changes we will update information on our website and in stores. We will let you know if your rate changes.

The Base Rate is used by banks and building societies to set their interest rates on their mortgage and savings products. The Bank of England’s Monetary Committee decide whether this rate should be changed. If it does change this can affect the interest rate you pay on your mortgage or receive on your savings.

How does this affect me?

Metro Bank offer a number of variable rate mortgages, loans and savings products. This means that if the Base Rate is changed the interest rate you pay or receive may go up or down. The table outlines the possible scenarios.

Tracker accounts	Variable Rate Account (inc. mortgages on a Standard Variable Rate)	Fixed Rate Account
Your rate will go up or down with the Base Rate changes	Your rate is influenced by Base Rate and will most likely be affected by a change	Your rate will not change for the remainder of the term

How will I know about any changes?

We will let you know if any borrowing rates change and how this affects your payments. If your savings rate increases, we will update information on our website and in stores.

Additional Bank of England Base Rate FAQS

I’m on a Standard Variable Rate Mortgage, will this be affected?

Most likely. We will let you know if you are affected and how much your payments will change by.

Will my savings be affected?

It depends. If you have savings in a variable rate account then the interest you receive will be affected by a change to the Bank of England Base Rate. Any fixed rate savings accounts may not be affected.

If the Bank of England Base Rate changes then when will my rate change?

This will depend on the terms of your account. We will let you know the date of any changes.

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Call 0345 08 08 509 if you are worried about fraud on your debit, credit or cash card or your card has been blocked. Opening hours: 24 hours a day, 7 days a week, 365 days a year.

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We can also help with switches that are in progress.

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Monday to Friday: 8am to 4pm

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Existing customers: For questions about your existing Metro Bank mortgage, call 0345 319 1200.

If you’re concerned about making your payments or you account is in arrears, call 0345 319 1201.

Opening hours:

Monday to Friday: 8.30am to 6pm

New mortgage applications: If you have a question about a new mortgage application, call 0203 427 1435.

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Monday to Friday: 9am to 5.30pm

Existing mortgage applications: If you have a question about a mortgage application that has already been submitted and has not yet completed, please call 0203 402 8076.

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Monday to Friday – 9am to 5.30pm

Mortgage Brokers: For enquiries on new and existing applications, please call us on 0203 427 1019.

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Monday to Wednesday, 9am to 5:30pm
Thursdays, 9:30am to 5:30pm
Fridays, 9am to 5:30pm
Saturdays & Sundays, closed

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For help with our savings products, including ISAs, call us on 0345 0808 500. Amaze Direct would be your first point of contact and they are available 24/7.

Arrears

If you want to discuss arrears on your Metro Bank Current Account, Cash Account, Personal Loan, Business Start Account, Business Bank Account, Small Business, Commercial or Community Account, or if you have a question about a collection letter you have received, call 0345 241 3075.

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