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UK lenders cut mortgage interest rates
07 February 2008
Some of the UK's largest mortgage lenders plan to pass on the cut in the base rate to their mortgage customers.
Although the Council of Mortgage Lenders had warned that lenders would not cut their own rates, Halifax, Nationwide, Abbey, Royal Bank of Scotland and NatWest all responded to the 0.25 per cent cut by announcing matching cuts to their standard variable rates.
And these are not the only lenders to mirror the monetary policy committee's (MPC) decision, as Lloyds TSB, the Woolwich, HSBC and First Direct announced plans to pass on the interest cuts before the MPC announcement was made.
The cuts will benefit customers who are paying the lenders' variable rates, though mortgage-holders still on a fixed-rate period will not be affected.
Existing customers will not see the effects of the rate cut until March 1st, when most of the lenders plan to introduce the new fees, though new customers may be able to take advantage of the new rates when they sign up.
The cuts amount to £22 savings every month on a £150,000 mortgage.
