Generally, mortgage interest rates follow the Bank of England’s base rate.
For example, if you have a tracker mortgage at 1% above the base rate and the Bank of England’s base rate is 1%, your interest rate is 2%. If the base rate increases this will reflect in the interest to be paid.
Each bank may set their own base rate which closely aligns with the Bank of England base rate. At NatWest, the tracker rates follow the NatWest base rate.
Fixed rate and interest only mortgages will also incorporate Bank of England’s base rate, reflected in the mortgage rates available.