We're lowering our affordability stress rate

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).

Pipeline cases

The lower stress rate will apply to all cases started or reprocessed on or after 24 August.