BBA Mortgage Rate

The BBA Mortgage Rate is a calendar-vendor label for the Bank of England series IUMTLMV, the sterling revert-to mortgage rate. Revert-to rate means the rate a loan switches to after the initial deal ends, often the lender's Standard Variable Rate (SVR). The Bank, the United Kingdom's central bank, publishes it every month from January 1995 in its quoted-rates programme. The advertised rates come from Moneyfacts, an independent service, and cover household mortgages from monetary financial institutions (MFIs), meaning banks and building societies.

The Bank publishes the rate monthly on the 5th working day of the following month in its Interactive Database and Bankstats Table G1.3. From February 2019 the figure averages advertised rates across the calendar month, while earlier data used the end-month rate, and withdrawn products remain captured. Mortgage weights use the previous quarter volumes, then switch to the concurrent quarter when available, which revises the month, and method breaks carry footnotes. No clock time is stated and mid-month changes count; corrections are rare beyond two years and the series is not seasonally adjusted.

The headline follows advertised revert-to offers, weighted by lending volumes, alongside sibling mortgage segments.

• Owner-occupier 2-year fixed 60%, 75%, 85%, 90% and 95% LTV: captures fixed advertised rates by LTV (loan-to-value), the loan's share of property value.
• Owner-occupier 3-year, 5-year and 10-year fixed LTV buckets: covers 3-year, 5-year and 10-year fixed advertised rates at their set LTV levels.
• Owner-occupier 2-year variable 75%, 90% and 95% LTV: captures advertised variable rates that can move during the fix.
• Lifetime tracker: captures advertised rates that follow a reference rate for the loan life.
• Revert-to rate: captures the advertised rate a loan switches to after the initial deal ends.
• Buy-to-let 2-year and 5-year fixed 60% and 75% LTV: captures advertised fixed rates for landlord loans.

The January 31, 2019 value was 4.48% and the February 28, 2019 value was 4.31%, a 0.17pp drop without a market cut. The publisher renamed SVR to revert-to rate and included all reversion rates, lowering the series by 29 basis points on average from 2013 to 2018. The same break added monthly averaging and whole-market weights with footnotes, so footnoted review months signal method, not policy. For scale, the series later reached 8.02% on October 31, 2023.

1. Collect advertised rates: Moneyfacts, an independent service tracking offers, supplies rates, and only widely accessible products closely fitting the definition count. The lender set can vary month to month.
2. Select one product per lender: The most competitive product with fewest conditions wins, in sterling at the headline rate, not APR (annual percentage rate). Fees and cashback only pick the winner on a £185,000 reference loan for loans from £25,000 to £500,000.
3. Weights: Each rate is weighted by lending volumes for the same product. Weights come from FCA Product Sales Data (PSD) contracts at origination since February 2019, and from the Form ER return before that.
4. Averaging: The mean is the sum of rate times weight divided by total weight, published only with 3 or more lenders, using monthly averages. For example, rates 7.50%, 7.80% and 8.00% with weights 50, 30 and 20 give 7.69%.
5. Present the result: The result is percent per annum, not seasonally adjusted. Provisional weights use prior-quarter volumes and update to concurrent-quarter volumes next month.