Since launching the pilot we've seen interest from customers keen to follow developments and understand the change, and this is another positive step in the transition away from LIBOR.' South West Water has changed the pricing benchmark on an outstanding loan with NatWest from LIBOR to SONIA. The change means that customers will pay a fixed rate of interest for up to 30 years instead of paying variable rates based on their borrowing costs. It is also the second SONIA-linked loan in a pilot scheme the bank is running with a small group of customers ahead of offering SONIA-linked loans to the wider market.
South West Water has changed the pricing benchmark on an outstanding loan with NatWest from LIBOR to SONIA. The change means that customers will pay a fixed rate of interest for up to 30 years instead of paying variable rates based on their borrowing costs. It is also the second SONIA-linked loan in a pilot scheme the bank is running with a small group of customers ahead of offering SONIA-linked loans to the wider market.