3 Thoughts on Will Standard Loan Rates (not Mortgages Be Going Down with the Rate Cut or Will the Banks Keep Them the Same?
  1. Reply
    Mickyd
    April 23, 2012 at 1:43 am

    Probably down but not as much as the Bank of England rate cut.

  2. Reply
    Steve B
    April 23, 2012 at 1:56 am

    It’s quite likely that new loans will get (a bit) cheaper ..

    Existing loans will be as per the Contract (Loan Agreement) you signed .. some may be ‘variable rate’ and may be linked to eg. the loan companies own ‘standard rate’ (which may or may not come down)

  3. Reply
    Darren from Moneyfacts
    April 23, 2012 at 2:24 am

    Personal loans are not directly linked to base rate and with the cost of the banks obtaining money on the money markets still high, we are unlikely to see any major cuts in rates in the near future.

    Some providers may cut rates slightly, usually they become quite competitive in the new year, but it is unlikely rates will go down significantly again.

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