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izziewizzy

1 Posts

(Offline)

07/06/2023 - 8:28 pm

what does it mean when a loan says the fixed rate is followed by a variable rate which is margin above the bank of england base rate which will not go below a floor of 4.25%

David@SimplyAdverse

111 Posts

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08/06/2023 - 9:09 am

Hi, thanks for getting in contact.

This refers to what happens after a products fixed term has come to an end.

If you had a 2 year fixed rate for example, after that 2 year period you would revert to the lenders variable rate.

In the example stated above the variable rate sounds like it's linked to the BOE base rate meaning it would rise and fall in line with that but could not go lower than 4.25%.

Has this answered your query?

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