Last updated: 30 March 2020
Shawbrook has introduced a “Shawbrook Base Rate” (“SBR”) as a reference rate for determining the interest rate on certain of our products.
We will take into account the Bank of England’s Bank Rate when setting SBR. SBR will typically be the same as the Bank of England's Bank Rate, but is not guaranteed to be the same.
Examples of where the Shawbrook Base Rate may be different to the Bank of England’s Bank Rate include (but are not limited to):
(A) where the Bank of England’s Bank Rate does not reflect the cost to us of the funds we use in making loans available; and/or
(B) where changes are made to the nature of the Bank of England’s Bank Rate.
Please note that many of Shawbrook’s loan products have a minimum rate (otherwise known as a “floor”) as part of their Terms & Conditions. Where SBR is below the minimum rate specified in your contract, that minimum rate will be applied.