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| UK interest rates trimmed dropped 5.5% - 07/12/07 |
| The Bank of England has cut UK interest rates to 5.5% from 5.75% amid signs that the economy is slowing.
Expectations of a rate cut had risen in recent days after figures indicated that economic conditions had deteriorated over the past few weeks. The BBC's economics editor Evan Davis said the rate cut - the first since August 2005 - was aimed at preventing the slowdown getting out of control. Mortgage lenders Halifax and Nationwide cut their rates in line with the move. Financial website Moneyfacts said that lower borrowing costs would save between £15 and £20 a month on a £100,000 mortgage. - Source bbc news. |
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The overall cost for comparison is 10.8% APR variable. The actual rate will depend upon your circumstances. Ask for a personalised illustration. Our rates start from 7.9% APR variable. We also have a range of plans with rates up to 17.5% APR allowing us to help customers even with the most severe credit problems. If you are thinking of consolidating existing borrowing you should be aware that you will be extending the terms of the debt and increasing the total amount you repay. A fee of between 0% and 10% of the loan may be charged depending on credit history and ability to prove income. The amount of fee will depend on your circumstances, however, we estimate that it will be 5% of the loan amount.