Regulation 4 Initial repayment interest rate

This regulation applies from the coming into force of these Regulations up to and including the day before the first operative date after the coming into force of these Regulations.

The repayment interest rate is to be the percentage per annum found by applying regulation 3(1) as if the reference in that regulation to the Bank of England rate were a reference to the official bank rate announced at the meeting of the Monetary Policy Committee of the Bank of England on, or most recently before, the 13th working day before the coming into force of these Regulations.