What to Tell Clients When Bank Rate Changes

A change in Bank Rate alters the payments of only some of your clients. So the job is to work out who is affected, tell each group what it means for them in plain words, and keep a note of what you sent. You do not need to explain the rate decision, and you should not guess where rates will go next.

On 5 November 2026 the Bank of England announced that its Monetary Policy Committee had raised Bank Rate by 0.25 percentage points, from 3.75% to 4%. Its next announcement is on 17 December 2026. This guide is about the routine that works for any change, up or down.

Which clients does a Bank Rate change affect?

The FCA's page for borrowers on rising mortgage rates gives the clearest official split. Group your clients like this before you write to anyone.

Client situation	What the FCA page says	What it means for your message
On a fixed rate, deal ending later	Payments are not immediately affected	Reassure. Nothing changes now. Say how you will keep in touch before the deal ends
On a fixed rate, ending soon, or about to remortgage	Likely to be affected	Offer a conversation. This is the group to call
On a tracker	Linked to an external rate such as Bank Rate, so payments move with it	Tell them to expect a change and to take the figure from their lender. Some trackers have terms that limit how far they move, so check the terms
On another variable rate	Typically set by the lender, not linked to an external rate, and can rise at any time	Point them to their lender for the new rate, and ask whether they want to review their options
Deal has ended and they did nothing	Moved onto the lender's reversion rate, often an SVR, normally higher than the initial rate	Prioritise. This client may be paying more than they need to
Buying, or choosing a new deal now	Not covered on that page	Quote the lender's current product, not last week's

Two other points from the same FCA page help in the conversation. A mortgage offer is generally valid for three to six months, depending on the lender, so a client can often arrange a new deal before the old one ends. And a client who is worried about paying should contact their lender early, because lenders are expected to treat customers in difficulty fairly. The page sets out the options a lender may offer and links to free mortgage arrears guidance and a debt advice locator, which is worth passing on.

The Mortgage Charter adds to this for clients with a signing lender. It is a Treasury policy paper that lenders sign up to, not an FCA rule, and it does not apply to buy-to-let. The lenders listed represent about 90% of the market. A customer nearing the end of a fixed rate has the chance to lock in a new deal up to six months ahead, and how far ahead depends on the lender. A customer who is up to date with payments can switch to a new deal at the end of the fixed rate without another affordability check, as long as they are not borrowing more or changing the type or term. The Charter does not itself say whether that applies to a move to a different lender. The FCA's page describes the no-check switch as one with your existing lender, with some exceptions, and says most lenders require an affordability check if you move to a different one. Check the lender's terms before you tell a client. Treat it as a reason to start the renewal conversation early.

One point matters for any client choosing a new fixed rate. According to the Intermediary Mortgage Lenders Association (IMLA), trackers follow Bank Rate, while fixed-rate mortgages are priced off swap rates, which reflect financial markets' expectations of future interest rates. So fixed-rate pricing can move on days when Bank Rate does not, and a Bank Rate change does not by itself tell you which way fixed pricing is going. IMLA also notes that lenders can withdraw fixed products at short notice when swap rates move, which is another reason to quote the lender's current product and not an older one.

Do you have to contact them?

We found no rule that says an adviser must contact clients after a Bank Rate change. The nearest rule is PRIN 2A.5.5R, which asks firms to communicate in good time for customers to make effective decisions, including at suitable points throughout the life of a product. The FCA's Consumer Duty guidance (FG22/5, chapter 8) says what that can look like: communicate at appropriate points, including relevant changes, with the end of an introductory offer period as an example, and consider communicating more broadly when monitoring shows customers are confused. It adds a caution: more messages can dilute the important ones.

So the practical position is two layers. A short note to the whole book after a decision, if you choose to send one. Then personal contact for the clients the change touches, which is the ending-soon, tracker and reversion-rate rows in the table above. Your compliance lead decides the firm's policy.

What to say, in plain words

PRIN 2A.5, the Consumer Duty rules on consumer understanding, applies to every communication with retail clients, including ones that are not about a product sale. In short, a message has to be clear, fair and not misleading, in time to be useful, and able to be understood by the client you are writing to. The guidance notes that go with it ask for plain language, a logical order, key information that stands out, and jargon explained where you cannot avoid it.

For a Bank Rate message that comes down to six habits:

1. Open with what it means for them. "Whether your payment changes depends on your deal" comes before anything about the Bank of England.
2. Say what has happened, not what will. No predictions, no "rates are likely to". You cannot know, and a forecast in a client email is a hard thing to defend.
3. Use figures from the lender. If you tell a tracker client what their payment is now, take it from their lender's statement, not your own sums.
4. Ask for one thing. A reply, a call, or nothing at all. Three options dilute each other.
5. Write for the least confident reader. The rules ask you to tailor communications to customer characteristics, including vulnerability. A client who is anxious or finds numbers hard needs a call, not a mailshot.
6. On a call, check they have understood. PRIN 2A.5.9R says that in one-to-one conversations a firm must, where appropriate, ask whether the client understands and has any further questions, particularly where the information prompts a decision.

Keep one boundary in mind. A bulk email should describe and invite, not recommend. "Now is a good time to fix" sent to a list can amount to advice on a mortgage the sender has not assessed, and it is the kind of line that creates false expectations. Leave recommendations for a conversation where you know the client's deal and circumstances.

A mailshot goes to a list, and from the list you cannot see each client's deal. So the whole-book note should say nothing about any one client's rate type or end date. Here is example wording. Change it to suit your firm.

Hi Sam, the Bank of England has raised Bank Rate to 4%. Whether that changes your mortgage payment depends on your deal. If your rate is fixed, it stays fixed until the deal ends. If you are on a tracker or another variable rate, your payment may change, and your lender can tell you the new amount. If you would like me to check where you stand, just reply to this email.

For a client whose deal you have checked, a personal email can be more specific. Check the deal and end date against the lender's latest information before you send, and write "as far as our records show" if you cannot. For example:

Hi Sam, as far as our records show, your mortgage is on a fixed rate until 2028, so the rate is fixed until then and the Bank Rate rise does not change it. If you would like to talk through your options nearer the time, just let me know. If anything about your circumstances changes before then, reply to this email.

Email, mailshot or call?

Match the channel to the group, not to what is quickest.

Group	Best channel	Why
Whole book	Mailshot or email, with a deal-neutral message	You cannot see each client's deal from a list, so say nothing about it
Ending soon, tracker, on reversion rate	Personal email or call	They may be facing a decision, and you want to check they understood
Anyone you know to be vulnerable	A call	A mailshot cannot adapt to the person reading it

If you plan to phone clients, MCOB 3A.3.5R bars cold calls about a mortgage unless you have an established customer relationship and the client would expect that kind of contact. A client you last dealt with years ago is a question for your compliance lead.

One point needs care. Emailing a lot of clients at once raises a question under the Privacy and Electronic Communications Regulations (PECR). The ICO says a message is not direct marketing if it only gives administrative information and promotes nothing, and that once it includes promotional content it becomes direct marketing. A message that tells clients about a rate change and invites them to book a review with you is the kind to test against that. The cautious route is to treat a mailshot as marketing: say clearly who it is from, include a simple way to opt out in every message, and honour opt-outs.

The soft opt-in, which lets you email existing customers about your own similar services without fresh consent, has conditions. The details must have been obtained in the course of a sale or negotiations for one, and the ICO's guidance adds that you must have collected them directly from the client, not through someone else such as an introducer or a lead supplier. You may market only your own similar products and services, and the client must have been offered a simple opt-out when you collected the details and in every message since. Whether your client list meets those conditions is a question for your compliance lead or your data protection adviser.

Is a rate update a financial promotion?

PECR is one rulebook. The FCA's mortgage rules on financial promotions, MCOB 3A, are another. MCOB 3A.1.1R covers a firm communicating information to a customer about a home finance transaction, and communicating or approving a financial promotion of qualifying credit. A note that tells clients about Bank Rate and invites them to book a mortgage review with you may be a promotion. Whether yours is one is a question for your compliance lead. If it might be, these are the points that matter for a mailshot:

• Fair, clear and not misleading. MCOB 3A.2.1R asks for this of any communication to a customer. For promotions about regulated mortgage contracts, MCOB 3A.2.4R also bars wording that may create false expectations about the availability or cost of credit. "Lock in before rates go up" is the kind of line to leave out.
• Accurate and balanced. MCOB 3A.3.1R asks for a promotion that is accurate, does not play up benefits without a fair and prominent indication of the risks, and makes clear where the credit is secured on the customer's home.
• Name and contact point. MCOB 3A.3.2R asks for the name of the firm or its appointed representative, and an address or a contact point from which an address is available.
• No mortgage rates or costs. If a promotion indicates an interest rate or any figures relating to the cost of the credit, MCOB 3A.5.1R requires standard information, including a representative example and the APRC. Bank Rate is not your client's mortgage rate, but a product rate would be, and a figure such as a monthly payment on a product may be. Keep those for the conversation.
• Appointed representatives. Your principal firm must have controls over, and resources to monitor, the regulated activities you carry on for it (SUP 12.4.2R), so ask how it wants promotions checked and approved before you send a mailshot.

Test it, then watch what happens

PRIN 2A.5.10R asks firms, where appropriate, to test communications before sending and to monitor their impact afterwards. For a short note to a client list, testing can be as light as asking a colleague who did not write it whether it is clear. The guidance also recognises that urgency can outweigh testing.

Afterwards, look at the response. The guidance says a notably low response to a message that asks for action can suggest it was not understood. If you send a note and get few replies, or a lot of questions asking the same thing, the wording needs work.

Keep a record

Keep a note of what you sent, when, and to which group. We found no rule that requires a copy of every mailshot, and your records of advice and suitability are a separate matter, covered by MCOB 4.7A.25R. For firms other than common platform firms, SYSC 9.1.1R requires orderly records that let the FCA monitor your compliance, and a dated copy plus the audience is an easy way to meet the spirit of it. For individual conversations, put a short file note on the client record, as the guide to writing mortgage file notes describes.

For a client you think may be vulnerable, the vulnerable customer policy guide covers what to record.

Sending it in Cleera

Mailshots are on Solo Pro and above. They go to the firm's clients who have an email address. For the deal-neutral note to the whole book, choose all clients or completed cases. The other windows (this month, 1 to 3 months, 3 to 6 months, or already ended) pick out clients by the product end date recorded when a case completes, the same date that drives renewal reminders. Those are the clients who may be facing a decision, so they work better as your call list than as a mailshot audience. The guide to tracking product expiry dates across your book covers how those dates are captured.

How a send works:

• Start from the Market / rate update template, then edit it. It is written to work for a whole list: it says interest rates have changed, that whether a payment changes depends on the deal, and how a fixed rate differs from a tracker. Add the detail that is true for your firm, and leave out any mortgage rate or cost figure and any recommendation.
• Merge fields put in the client's first name, the firm name, the adviser's name and the portal link. A Book a call button appears if the adviser has a booking link set, and is left out otherwise.
• Opted-out clients are skipped automatically. Clients who have no email address, or whose record has been erased or deactivated, are skipped too, and each email carries an unsubscribe link.
• You send a test first, or confirm you have reviewed the draft, before the first send. A test send is also an easy way to show your compliance lead or principal the final email. The recipient list is fixed at the moment you confirm, and you can schedule the send for later.
• Who can send: advisers send to their own clients, and firm-wide sends are for admin and staff roles.
• Creating, sending, scheduling and cancelling a campaign are recorded in the audit log, which gives you the dated record the section above suggests.

Mailshots suit the deal-neutral note. The clients who need a conversation are better served by a call. The windows give you the product-end list, and your own records or the lender's notices show who is on a tracker or a reversion rate. For the wider case for staying in touch with past clients, see turn your client book into repeat revenue, and the mortgage CRM page for how the rest fits together.

Sources

Figures and guidance were read on the pages below on 12 November 2026.

• Bank of England, Bank rate increased to 4%, November 2026 Monetary Policy Summary and Minutes
• Bank of England, upcoming MPC dates
• FCA, support for mortgages as interest rates rise (last updated 14 May 2026)
• FCA Handbook, PRIN 2A.5, Consumer understanding
• FCA, FG22/5, Final non-Handbook guidance for firms on the Consumer Duty (July 2022 version, chapter 8)
• FCA Handbook, MCOB 3A, Financial promotions (sections 3A.1, 3A.2, 3A.3 and 3A.5)
• IMLA, How lenders fund fixed rate mortgages: swap rates explained (June 2026)
• HM Treasury, Mortgage Charter (GOV.UK, 26 March 2026)
• ICO, key concepts for direct marketing using electronic mail
• ICO, how do we comply with the PECR electronic mail marketing rules
• legislation.gov.uk, PECR regulation 22
• FCA Handbook, SYSC 9.1, MCOB 4.7A and SUP 12.4