All lenders have their own variable rate of interest. This rate is set by the lender themselves and can be changed up or down at any time, regardless of how the Bank of England base rate or other money rates alter. The full lender rate is usually charged to the mortgage account after an initial period of fixed, discounted or capped rate, or immediately after a cashback is paid. When the interest rate is altered, the monthly payment is usually adjusted either from the following month or at the end of the financial year. (A fixed time of year or anniversary of the mortgage loan, depending on the lender). As an alternative to the lender-led variable rate, some modern mortgages are based around the Bank of England Base Rate. Due to the nature of this new generation, they are often more flexible than the usual type.