the basic rate of interest charged by the BANK OF ENGLAND, that replaced the BANK RATE and the MINIMUMLENDING RATE. The rates charged by all banks on their lending rise and fall with the base rate, and this has an importantinfluence on the economy as a whole. Bank rate and minimum lending rate are still used in Britain and other countries to talk about the base rate
You will pay 2% below the base rate for the first two years of your mortgage.