Will my monthly repayments change?

The answer depends upon whether you took out a loan with a fixed or variable rate of interest.

If you have a fixed rate, changes in interest rates will not affect your loan repayments. This also means that it is easier to plan your finances as you always know what your loan repayment will be each month.

If you have a variable rate of interest, your lender can change the rate of interest at short notice and this will affect your monthly repayment. Changes in the bank of England's base rate will always change the rate you pay, but your lender can also make change your interest rate at its own discretion in response to commercial pressures.

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