In light of the recent increases in the Bank of England Base Rate we will be increasing our Standard Variable Rate from 0.55% to 0.80% with effect from Friday 8th April.
Variable Rate Loans
All of our residential second charge variable rate products (including existing pipeline cases) will increase by 0.25% with effect from 8th April.
Pre Offer Pipeline – Action Required
For all loans which have not reached offer stage by Friday 8th April:
- Fixed Rate Loans – Please issue a new ESIS to reflect the change to the reversionary rate at the end of the fixed rate period.
- Variable Rate Loans – Please issue a new ESIS to reflect the new rate of interest and increased monthly payment.
Offered Pipeline – Action Required
- Fixed Rate Loans – we will issue you with a letter which will confirm the increase to our SVR which must be sent to the borrower (s) prior to completion.
- Variable Rate Loans – we will issue you with a letter which will include the revised monthly payment and new interest rate which must be sent to the borrower(s) prior to completion.
We will be introducing some innovative second charge product charges on Friday 8th April so please watch out for a further announcement on this!
Please contact our broker support team if you have any further questions or would like to discuss a new business enquiry:
T: 0333 1234 556