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What is the bank of England base rate?
The Bank of England Base rate is the interest rate set by the Bank of England and is reviewed each month, and can go up or down depending on the rate of inflation. It is often known as the official cost of borrowing. Most lenders will link their standard variable mortgage rates to the Bank of England Base rate. So a change in the Bank of England Base rate will have an impact on the amount of the monthly mortgage repayment of someone who has a standard variable , tracker or discounted rate mortgage.
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