The Bank of England Base Rate was increased by 0.25% on 2nd August 2018.
What this will mean for our customers:
As our property lending is directly linked to the Bank Base Rate, we have passed the increase of 0.25% on to our borrowers, with the new interest charge applied from 3rd August 2018. Your next loan payment will remain unchanged and we will write to you shortly with full details including your new monthly payment amount. If you have any queries in the meantime please call our team on 0344 225 3800* or email [email protected].
For Asset Finance, Bridging Finance and Classic Car customers, our loans are on a fixed interest rate basis and therefore there will be no change to your interest rate or payments as a result of the Bank Base Rate change.
Our variable rate savings accounts are not linked to the Bank Base Rate and therefore there is no automatic change in interest (this also applies if the base rate decreases). We are however pleased to confirm that we will be passing on the 0.25% rate change in full to our existing savers with Notice accounts. This is with effect from 1st September 2018, and we are in the process of emailing/writing to you to let you know. If you have any queries please call our savings team on 0344 225 3939* or email [email protected]. Fixed Rate Products are unaffected.
*Calls to 03 numbers will cost you no more than a national rate call to 01 or 02 numbers and are part of any free minutes on your call plan. This applies to any type of line, including mobile, fixed lines or payphones. Calls may be recorded for training purposes and to improve the service we provide. Office opening hours are 9am to 5pm, Monday to Friday (excluding Bank Holidays).