Base Interest Rate Drop

The Bank of England has lowered interest rates for the first time in four years, bringing them down to 5%.

This marks the first reduction since March 2020. During their meeting earlier this month, the central bank’s Monetary Policy Committee voted by a narrow margin of five to four to cut the base rate by 0.25%.

Good news for SSAS borrowers! With the recent drop in the base rate, SSAS loans will become more affordable. Starting from 9th September 2024, the minimum interest rate required for loans to sponsoring employers will decrease to 6%, down from the current 6.25%. This adjustment means lower costs for those utilising SSAS connected loans.