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- Base Rate - |
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Lenders are all part of a huge, ever-changing economy, both on a global and on a national scale. If they were to stick to fixed interest rates on their loans for years or months at a time, their loans could either become unprofitable or too overpriced to compete with other lenders. Therefore a base rate is used as a benchmark for credit provision. The most commonly used base rate in the UK is the Bank of England base rate, but there are others. Individual financial product rates for individual borrowers are variations on the base rate. Base rates are used to calculate tracker mortgages and variable rate loans on an ongoing basis.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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