Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

Base Rate

What is a Base Rate?

A Base Rate is published by banks such as Barclays, NatWest and Lloyds TSB to price loans, overdrafts and other forms of credit.

The Base Rate for each individual bank is not technically linked to the Bank of England Base Rate (which is the rate at which the Bank of England lends to the banks, or at which the banks tend to lend to each other), but movement in the BoE Base Rate invariably affects all others.

Banks will regularly adjust the credit products they offer in order to maximise profit, for example consumers may be offered a loan at 7% over a bank’s base rate, while a medium size company might pay between 1-3% over and a large, blue chip company might be charged 0.5% over.

Savings rates are often below a bank’s base rates and borrowing rates will be above that rate. The difference (the ‘margin') is where banks make their profit.

Q: What influences base rate changes?

A: A number of external factors contribute towards a change in the base rate, but the rate of inflation is a leading cause.

Q: How does a change to the Base Rate affect me?

A: If you have a Tracker Mortgage, the amount of interest you pay on your loan will be directly affected in-line with any changes to the base rate. That means if the rate increases, the cost will go up, if it decreases, the cost will go down.

If you have a savings account, the amount you earn in interest will be affected similarly by the base rate.

Jargon Buster

Use the links below and the resulting list of terms on the right to locate the term you are looking for. If you can't locate it, please get in touch.