Where a loan agreement provided that the interest rate payable was at 3 per cent above base rate, that meant the rate calculated in that manner at that rate above the base rate from time to time, and the rate applied to the account would vary with the base rate. A requirement to give notice of a rate change applied to a change in the differential rate, and not to a change in the underlying base rate..
Citations:
Times 11-Feb-1999
Jurisdiction:
England and Wales
Banking
Updated: 11 May 2022; Ref: scu.85064
