THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
At Interbridge Mortgages, we’re committed to being transparent in what we charge you and the interest rates you pay.
We refer to the interest rate we charge you as our Reference Rate.
If your account number starts with a 1 then your Reference Rate will be based on the Bank of England base rate.
If your account number starts with a 2 then your Reference Rate will be based on SONIA. It stands for the Sterling Overnight Index Average and is an average of the interest rates that banks pay overnight to borrow money from other financial institutions or investors.
A Reference Rate is the name we use at Interbridge Mortgages to refer to the interest rate we charge you for borrowing from us. This will be based on one of two published rates in the UK, depending on the type of second charge mortgage you have with us.
You can tell what Reference Rate your interest rate is based on by the number your account number starts with. All account numbers starting with a 1 are based on the Bank of England Base Rate. All account numbers starting with a 2 are based on SONIA.
SONIA stands for the Sterling Overnight Index Average and is an interest rate benchmark. It looks at transactions and is an average of the interest rates that banks pay overnight to borrow money from other financial institutions or investors. It is published every business working day by the Bank of England.