The interest rates have increased, decreased or remained the same on both the Lifestyle Lump Sum Max and Lifestyle Flexible Option, on new business only.

• For new business applications received between Tuesday 18 February 2020 and Monday 24 February 2020, the offer issued will be based on the personal quote summary received, as per normal Flex Tool rules;
• If the property valuation is outside 10% of the estimate, please include a new personal quote summary using Flex Tool version 18.02.20;
• If the property valuation is within 10% of the estimate, please include the original personal quote summary;
• Flex Tool version 18.02.20 will be used if any revisions are required to the case;
• If a personal quote summary has been produced on or after Tuesday 18 February 2020 using a flextool tool version dated previous to 18.02.20, this will be returned to request a valid PQS.

New business transitional arrangements

Where the rate has decreased

• All applications received on or after Tuesday 18 February 2020 will be processed as per the personal quote summary submitted and based on normal Flex Tool rules being applied;
• Where terms have been offered and the customer wishes to make an alteration to the loan, the new offer will be based on Flex Tool version 18.02.20;
• If a case expires on or after Tuesday 18 February 2020, and a new offer is required, this will be issued on new interest rates.

Where the rate has increased

• All new business applications received up to and including Monday 24 February 2020 will be processed using the current interest rate;
• All new business applications received from Tuesday 25 February 2020 will be processed using the new interest rate;
• Where terms have been offered and the customer wishes to make an alteration to the loan, the new offer will be based on Flex Tool version 18.02.20;

Please note: If an offer expires, we require you to produce a new Flex Tool output sheet and a revised offer will be issued on new terms before completion. The interest rate is then fixed upon completion.

Current reserve release rates

Lifestyle Flexible Option (LFO) and Cash Reserve Option (CRO)

There are no changes to the interest rates on reserve release. The below shows the current rates that went live on Friday 6th September 2019.