The Bank of England Bank Rate is the official Bank Rate set by the Bank of England which can affect interest rates offered by Banks, Building Societies and other financial institutions. By changing the official Bank Rate, the Bank of England seeks to influence overall borrowing in the economy.
The interest rate on a Base Rate Loan will fluctuate in line with changes to the Bank of England Bank Rate – the rate of interest may increase or decrease over the committed term of the loan and this will affect the total repayment amount.
The current Bank of England Bank Rate is 0.75% (effective from 2 August 2018).
If you have a have a base rate loan or mortgage, the interest rate we apply will always move in line with the changes to the Bank of England Bank Rate.
Use our “Rate change calculator” to work out how a change in Bank Rate could affect your loan or mortgage repayments.
ANY PROPERTY GIVEN AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR OTHER DEBTS SECURED ON IT.
All lending is subject to a satisfactory credit assessment and we will need your permission to carry out a credit check on you and your business.
You should not apply for an amount that you cannot comfortably afford to repay now and in the future to avoid the possibility of legal action.
There is always a possibility that interest rates may go down leaving a fixed rate loan at a higher level compared to a variable rate loan. However, if interest rates rise, a fixed rate loan will remain at the same rate.
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Telephone: 0207 626 1500.
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all Business customers will be covered.