From 24 August 2016, the stress rate used in our affordability calculation will be reduced from 6.99% to 6.74%. This will apply to all applications including equity share.
We're making this change following the Bank of England's decision to reduce the base rate on 4 August.
Our affordability calculators will be updated from 24 August and most customers will see a small increase in the amount we'll lend to them (subject to criteria).
The lower stress rate will apply to all cases started or reprocessed on or after 24 August.