• Join Date: May 2019
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    Interest rates on loans being adjusted after BoE rates dropped significantly?
    19-03-20 , 18:29

    With the BoE interest rates dropped again to almost nothing I would think it would be very appropriate for our rates to be adjusted on our outstanding loans. I'm sure all would agree. Is this being considered in these hard times with many people being laid off or hours cut this week? Thank you
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    Re: Interest rates on loans being adjusted after BoE rates dropped significantly?
    21-03-20 , 08:30

    Hi , thanks for your message. We are always looking at our rates to try and be as competitive as we can.

    If we do decide to adjust our loan rates, this will be shown on our website.

    When our loan rates are adjusted, this generally only apply to new customers and will not affect existing loans.
  • heanor_man_34
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    Re: Interest rates on loans being adjusted after BoE rates dropped significantly?
    22-03-20 , 17:04

    Good afternoon Jonny, Given the current situation I think it would be fair to say most banks, building societies and lenders will be trying their utmost to support people who are greatly affected by Covid-19. If our loans were at a variable rate then they would move up/down in line with the BoE base rate but as the APR/rate is fixed for the duration of the agreement it is very unlikely that we would see a reduction in the interest paid on any long term borrowing.
  • Join Date: May 2019
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    Re: Interest rates on loans being adjusted after BoE rates dropped significantly?
    27-03-20 , 14:15

    Now nearly all of the banks and credit companies are beginning to offer 3 month holidays from payments. Maybe I've missed the communication but I haven't seen Tesco offering this yet.
  • Join Date: May 2019
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    Re: Interest rates on loans being adjusted after BoE rates dropped significantly?
    28-03-20 , 18:42

    I've shared links below with some information, and this contains a form to delay your next 2 monthly payments. I’ve also attached a link to our FAQs surrounding COVID-19, which will hopefully give you some peace of mind. Hope this helps - Thomas



    https://yourcommunity.tescobank.com/...-p/31081#M1615



    https://yourcommunity.tescobank.com/...tkb-p/COVID-19
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