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Abby Wilson<\/a><\/p>\n News & Investigations Reporter<\/p>\n \n 22 December 2025\n <\/p>\n Many mortgage lenders are cutting tracker and variable rates for existing customers as the dust settles on the Bank of England’s decision to cut the base rate<\/a> from 4% to 3.75% just days ago (on Thursday 18 December). If you’re on one of these types of mortgages, here’s what’s happening to your rate.<\/p>\n Mortgage changes lender-by-lender<\/p>\n If you’re on a fix, your rate is locked in and won’t change until your fix ends. So you won’t be directly affected by the base rate decision. <\/p>\n If you’re on a tracker or variable rate, you’ll likely see a cut soon. A rate cut of 0.25 percentage points is equivalent to roughly \u00a315 a month less in repayments per \u00a3100,000 of mortgage debt. Here’s what all of the major lenders are doing:<\/p>\n \n Is your lender cutting mortgage rates?\n <\/p>\n Lender<\/p>\n Tracker rate change<\/p>\n Standard variable rate (SVR) change<\/p>\n AIB (NI)<\/p>\n Down 0.25 percentage points \u2013 awaiting exact date<\/p>\n Down from 6.85% to 6.6% \u2013 awaiting exact date<\/p>\n Atom Bank<\/p>\n Awaiting response<\/p>\n Awaiting response<\/p>\n Bank of Ireland UK<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n To be decided. Currently 7.19%<\/p>\n Barclays<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n SVR down from 7.49% to 7.24% from 1 Jan. Follow-on rate down from 5.99% to 5.74% from 1 Jan (i)<\/p>\n Clydesdale Bank<\/p>\n Down 0.25 percentage points \u2013 from when varies depending on your T&Cs<\/p>\n Down from 6.99% to 6.74% \u2013 from when varies depending on your T&Cs<\/p>\n Co-op Bank<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n To be decided. Currently 6.87%<\/p>\n Coventry BS<\/p>\n Down 0.25 percentage points immediately<\/p>\n Down from 6.74% to 6.54% from 1 Feb<\/p>\n Danske Bank<\/p>\n Down 0.25 percentage points immediately<\/p>\n Down from 6.3% to 6.15% from 5 Jan<\/p>\n First Direct<\/p>\n Down 0.25 percentage points immediately<\/p>\n Down from 6.49% to 6.24% from 9 Jan<\/p>\n Halifax<\/p>\n Down 0.25 percentage points from 1 Feb<\/p>\n SVR down from 7.49% to 7.24% from 1 Feb. Same applies to Homeowner Variable Rate (ii) <\/p>\n HSBC<\/p>\n Down 0.25 percentage points immediately<\/p>\n Down from 6.49% to 6.24% from 9 Jan<\/p>\n Leeds BS<\/p>\n Change and effective date varies depending on your T&Cs<\/p>\n To be decided. Currently 7.74%<\/p>\n Lloyds<\/p>\n Down 0.25 percentage points from 1 Feb<\/p>\n SVR down from 6% to 5.75% from 1 Feb. Homeowner Variable Rate down from 7.49% to 7.24% from 1 Feb (ii)<\/p>\n Metro Bank<\/p>\n Down 0.25 percentage points immediately<\/p>\n Down from 7.5% to 7.25% \u2013 exact date to be decided<\/p>\n Nationwide<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n Down from 6.74% to 6.49% from 1 Jan<\/p>\n NatWest<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n Down from 6.99% to 6.74% from 1 Jan<\/p>\n Newcastle BS<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n To be decided. Currently 6.5%<\/p>\n Post Office Money<\/p>\n Awaiting response<\/p>\n Awaiting response<\/p>\n Principality BS<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n Staying at 6.8%<\/p>\n Royal Bank of Scotland (RBS)<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n Down from 6.99% to 6.74% from 1 Jan<\/p>\n Santander<\/p>\n Down 0.25 percentage points from 3 Jan<\/p>\n SVR down from 6.75% to 6.5% from 3 Jan. Follow-on rate down from 7.25% to 7% from 3 Jan (i)<\/p>\n Skipton BS<\/p>\n Change and effective date varies depending on your T&Cs<\/p>\n To be decided. Currently 6.54%<\/p>\n TSB<\/p>\n Down 0.25 percentage points from 17 Jan<\/p>\n SVR down from 6% to 5.75% from 17 Jan. Homeowner Variable Rate down from 7.49% to 7.24% from 17 Jan (ii)<\/p>\n Ulster Bank<\/p>\n Down 0.25 percentage points from 1 Jan<\/p>\n Down from 6.99% to 6.74% from 1 Jan<\/p>\n Virgin Money<\/p>\n Down 0.25 percentage points from 1 Feb<\/p>\n Down from 6.99% to 6.74% from 1 Feb<\/p>\n West Brom BS<\/p>\n Down 0.25 percentage points \u2013 from when varies depending on your T&Cs<\/p>\n Down 0.15 percentage points to 5.49%, 5.74% or 6.24% (depending on your loan-to-value) from 1 Feb<\/p>\n Yorkshire Bank<\/p>\n Down 0.25 percentage points \u2013 from when varies depending on your T&Cs<\/p>\n Down from 6.99% to 6.74% \u2013 from when varies depending on your T&Cs<\/p>\n Yorkshire BS<\/p>\n Down from 11 Jan \u2013 amount varies depending on your T&Cs<\/p>\n To be decided. Currently 6.99%<\/p>\n On your lender’s SVR? You can likely save \u00a31,000s with a new deal<\/p>\n A standard variable rate (SVR) is the rate you pay once your current mortgage deal comes to an end. And because it’s variable, it can change at the lender’s discretion at any time \u2013 not necessarily in tandem with the base rate.<\/p>\n SVRs are normally far more expensive than the best fixed or tracker deals \u2013 right now, a typical SVR is around 6.5% to 7.5%, while the top two- and five-year fixed rates stand at around 3.7%. So if you’re on an SVR, you should consider switching to a new deal now \u2013 see our Cheap mortgage finding<\/a> guide for help securing the best deal for you.<\/p>\n Savings rates are also dropping<\/p>\n Unsurprisingly, banks are less keen to shout about rate cuts on savings \u2013 but we have seen some of the top rates for newbies drop since the latest base rate cut, and it’s likely more will follow.<\/p>\n For example, the top easy-access cash ISA<\/a> from Trading 212, which paid up to 4.52% last week, has now been cut by 0.25 percentage points to 4.27%. Meanwhile, Chase’s standard easy-access saver (linked to its current account), currently pays 2.5% excluding bonuses \u2013 but this will drop to 2.25% on Monday 29 December.<\/p>\n If you have any variable rate savings \u2013 such as an easy-access account, notice account or a current account paying interest \u2013 look out for a rate change notification from your provider and ditch and switch if necessary. If it’s anything less than 4%, you can quickly and easily boost it. For help finding the right account for you, try our brand-new Savings Picker<\/a>.<\/p>\n Credit cards are mostly unaffected<\/p>\n Credit cards are mostly unaffected as their interest rates are already significantly above the base rate. If you’re paying credit card interest, check if you can save \u00a31,000s by shifting the debt to 0%<\/a> using a balance transfer card. Right now you could get up to 35 months interest-free.<\/p>\n Cheap new loan rates could come down marginally<\/p>\nShare<\/p>\n