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Interest rate cut puts banks under pressure
08 December 2008
Banks and building societies are responding to pressure from MPs to pass on the latest cut in interest rates to their mortgage customers.
Only some of the main lenders made an immediate decision to pass on the 1% Bank rate cut to customers with variable rate mortgages.
RBS/NatWest said they would cut by 0.75%. HBOS will only pass on 0.25% to their customers, Nationwide have said that they are passing on the full 1% cut to existing tracker customers and The Halifax has automatically passed on Thursdays Bank of England interest rate cut in full to its customers with tracker mortgages.
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