The Bank of England Monetary Policy Committee voted on 1 August 2024 to cut base rate from 5.25% to 5.00%
If interest on your loan is charged at a margin above the Bank of England base rate, the interest rate charged on your loan will be cut from 1 August 2024.
We will not increase your monthly repayments, but the term of your loan will be extended until the additional interest has been collected.
If the interest on your loan is charged at a fixed rate of interest, there will be no increase or decrease in the interest rate or term.
If you have any queries about your interest rate change or are experiencing financial difficulties, please contact us by speaking to your Business Development Manager, calling on 0345 313 8410 or emailing customerrelations@bcrs.org.uk
