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| UK rates stay steady at 5.75% - 09/11/07 |
| The Bank of England has kept UK interest rates unchanged at 5.75% for the fourth month in a row in a widely expected move.
Even though there’s continued uncertainty in the financial market, inflation has become the defining factor according to analysts. UK rates have been on hold since July, when they rose to 5.75% from 5.5%. There has been no explanation for the decision to leave rates on hold. "No change to interest rates was not unexpected as neither the outlook for inflation nor the economy clearly justified a cut," said Ian McCafferty, CBI chief economic adviser. |
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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.