Changes to variable savings and mortgage interest rates
On 5 November 2026, the Bank of England increased its base rate by 0.25%. Please see below how this change will impact your savings or mortgage with the Cumberland.
What is the Bank of England base rate?
This is the interest rate set by the Bank of England for lending to banks and building societies. Providers will use this, along with market position and cost of funding, to help determine the interest rates for some mortgage and savings products.
Mortgage FAQs
We are increasing our Residential, Buy To Let & Commercial Standard Variable Rates from 1st December 2026 as follows:
- Standard Variable Rate (SVR) – Increasing from 7.04% to 7.24%
- Buy To Let Standard Variable Rate (BTL SVR) – Increasing from 8.24% to 8.49%
- Commercial Variable Base Rate (CVBR) – Increasing from 8.24% to 8.49%
For those mortgages that have a Discounted Variable Rate product linked to SVR, rates will increase by 0.20%
For those mortgages that have a Discounted Variable Rate product linked to BTL SVR or CVBR, rates will increase by 0.25%
No. You will be unaffected by the change if you have a Fixed Rate mortgage product. The interest rate will remain the same on your product until it reaches the end of its term. We will then contact you around that time to discuss your options.
If you have a mortgage product that directly tracks the Bank of England base rate, your interest rate will change in line with the 0.25% increase from 1st December 2026. We will write to customers impacted by this change during November 2026 with details of their new monthly payment which will be due at the end of December 2026.
Yes. If you have a Residential mortgage product on a Discounted Variable Rate or Standard Variable Rate, your interest rate will increase by 0.20% from 1st December 2026. We will write to customers impacted by this change during November 2026 with details of their new monthly payment which will be due at the end of December 2026.
Yes. If you have a Buy To Let or Commercial mortgage product on a Discounted Variable Rate or Standard Variable Rate, your interest rate will increase by 0.25% from 1st December 2026. We will write to customers impacted by this change during November 2026 with details of their new monthly payment which will be due at the end of December 2026.
Savings and Current Accounts FAQs
No. You will be unaffected by the change if you have a Fixed Rate savings product. The interest rate will remain the same on your product until it reaches the end of its term. We will then contact you around that time to discuss your options.
We are considering our approach to changes for our savings rates and will communicate any changes in due course.
There are no changes to standard personal or business overdraft rates as a result of these changes. Business customers with individual negotiated overdraft rates will be contacted separately to explain how the base rate change will affect them.
Are you worried about money?
Rising costs impact everyone in a different way. From increases in your energy bills to dipping into your savings more often, we are here to help.
Our Money Worries Hub includes a range of hints and tips as to how you can manage your money. Follow the link below to find out more.