The short answer
Bank Rate stayed at 3.75% at the Bank of England's September 2026 meeting. Nothing changes immediately for people on a tracker, and fixed rates are driven more by lenders' funding costs than by this single decision, so the best time to act depends on when your current deal ends rather than on the headline.
What was decided
On 17 September 2026 the Bank of England's Monetary Policy Committee voted to keep Bank Rate at 3.75%. Six members voted to hold and three voted to raise it by 0.25 percentage points. A split like that tells us the Committee is still worried about prices rising too quickly, and it is one reason cuts have not been on the table.
The most recent inflation figure was 3.1% for the year to August 2026, still above the Bank's 2% target. The next scheduled decision is on 5 November 2026.
What it means if you are on a tracker or standard variable rate
Tracker rates follow Bank Rate directly, so a hold means your payment should not move because of this decision. Standard variable rates are set by each lender and do not have to follow Bank Rate, so check your own lender's rate rather than assuming.
What it means for fixed rates
Fixed rates are priced mostly from what it costs lenders to borrow over two and five years, which moves daily with market expectations rather than only on decision days. In recent days several lenders have increased selected fixed rates, while the wider market has been broadly stable, so the picture varies from lender to lender and product to product.
This is why we compare the whole range for your situation instead of relying on one headline rate, and why timing matters when a deal is about to end.
What you can do now
If your current deal ends within the next six months, it is usually worth looking now, because many lenders let you secure a new rate well ahead of time and you can often still switch to a better one if rates fall before you complete. If you are buying, the key figure is what you can borrow and afford at today's rates, so it helps to get that checked before you make an offer.
- Check the date your current fixed rate ends and any early repayment charge that applies before then.
- Work out your budget at today's rates, with some room if rates were to rise.
- Ask us to compare the market for your circumstances. The first conversation is free and carries no obligation.
Want this applied to your own situation?
Tell us what you are planning and we will look at it with you. There is no obligation for the first conversation.
This article is for general information only and is not personal advice. Mortgage products and criteria change often, and what suits one borrower may not suit another. MakeMyMortgage Ltd is an appointed representative of PRIMIS Mortgage Network. We typically charge a fee of £349 payable on application, which can vary with the complexity of your needs. Your home may be repossessed if you do not keep up repayments on your mortgage.