Will a BoE interest rate change affect the interest % on loans being offered?

The BoE base rate doesnt really have much to do with the personal loan rates people get offered, its done on your personal circumstances.

bigisi wrote: »

But that's not the question the OP asked, is it?

I do apologise.

RickMoney wrote: »

Hi,

Can anyone comment if from previous experience when the Bank of England rates % was reduced if it followed that personal loan interest % also went down?

If they did, over what timescale did it happen?

Thanks

No, the last time the BoE rate was reduced by 0.25% it had no impact on the personal loan I look out shortly afterwards.

The rate I got offered was 2.4%, which was the lowest Natwest offered at the time.

I cannot recall if they reduced their lowest rate to 2.15% at any point after the last time BoE reduced theirs my 0.25%.

Does that answer the question?

RickMoney wrote: »

Thanks appreciate the replies and indeed the question was in reference to the advertised rates the lenders offer.

The advertised rates will be the lender's headline rate - a rate that you may be offered or a higher one, subject to your personal circumstances.

I haven't seen the advertised rates drop any time after BoE base rate change over the years.