Interest Rate
The amount to be paid back will depend on the amount borrowed plus the interest charged. Interest is linked to the rate of inflation and is adjusted each year in line with the Retail Prices Index (RPI).
Annual rates apply from 1st September until 31st August unless indicated otherwise.
ICR Style Loan Interest Rates
Year |
APR |
|---|---|
2009/10 |
0% |
6 March 09- 31 August 09 |
1.5% |
6 February 09 - 5 March 09 |
2% |
9 January 09 - 5 February 09 |
2.5% |
5 December 08 - 8 January 09 |
3% |
1 September 08 - 4 December 08 |
3.8% |
2007/08 |
4.8% |
2006/07 |
2.4% |
2005/06 |
3.2% |
2004/05 |
2.6% |
2003/04 |
3.1% |
2002/03 |
1.3% |
2001/02 |
2.3% |
2000/01 |
2.6% |
1999/00 |
2.1% |
1998/99 |
3.5% |
The interest rate is based on the annual Retail Price Index (RPI) in March or the highest base rate of a number of major banks plus 1%; whichever is lower.
Due to the reductions in the base rate, the interest rate was reduced during the period 5th December 2008 until 31st August 2009.
Mortgage Style Loan Interest Rates
Year |
APR |
|---|---|
2009/10 |
-0.4% |
2008/09 |
3.8% |
2007/08 |
4.8% |
2006/07 |
2.4% |
2005/06 |
3.2% |
2004/05 |
2.6% |
2003/04 |
3.1% |
2002/03 |
1.3% |
2001/02 |
2.3% |
2000/01 |
2.6% |
1999/00 |
2.1% |
1998/99 |
3.5% |
1997/98 |
2.6% |
1996/97 |
2.7% |
1995/96 |
3.5% |
1994/95 |
2.3% |
1993/94 |
1.2% |
1992/93 |
3.9% |
1991/92 |
5.8% |
1990/91 |
9.8% |