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Zopa reduce rates again
We reported back in September that following the Bank of England reduction in the base rate that Zopa would be dropping their rates by 0.2%. Zopa have subsequently announed that they are reducing lending rates again by 0.2%.
Here is the full email sent to lenders:
Since September, we've seen the borrowing market become significantly more competitive, with at least 6 mainstream prime lenders further lowering their headline rates.
Zopa has always believed in a prudent approach to risk. It's against our principles to lower our criteria to attract riskier borrowers.
As a result, we've taken the decision to reduce our lending rates next week. From October 28th, we'll be targeting the following rates for lender portfolios:
- 3.1% in Access
- 3.9% in Classic
- 6.3% in Plus
If you want to amend your lending settings, it's easy to do so at any time via My Zopa.
If you have any questions or concerns, please get in touch.