Bank of England base rate

The Bank of England Base Rate (BBR) is the rate of interest that the Bank of England pays on reserve balances held by commercial banks and building societies. It is set by the Bank of England’s Monetary Policy Committee. For more information and details on the current base rate please visit the Bank of England website.

Whenever the Bank of England Base Rate changes, your rate of interest will be recalculated by taking the Bank of England Base Rate and adding the margin to it. The margin we add may change during the mortgage term, depending on the product you choose.

More information regarding the calculation of applicable interest is set out in Section 5 of your Buy to Let ModaMortgages Conditions and more information regarding your specific calculation is detailed in Section 4 of your Mortgage Offer.

Please note that when your product is subject to a tracker rate (for example, where it is a tracker or variable rate product or where your product reverts to a tracker rate at the end of a fixed rate period), it will be subject to a BBR floor of 0.00%. This means that if BBR were to fall to 0.00% or less, the rate payable will be 0.00% plus the margin. This means that the rate payable will never go below 0.00% plus the margin.