Base rate change – how will this affect you?
The Bank of England Monetary Policy Committee voted on 3 February to increase base rate to 0.5% from 0.25%
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 increased from 1 March 2022.
In line with our loan agreements we will not increase your monthly repayments, however, 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 in interest rate or term.
If you have any queries about the interest rate change, please don’t hesitate to contact us.