The Bank of England’s Monetary Policy Committee has opted to slash rates from 4.5% to 3%. Many analysts believed that a half percentage point cut was on the cards but the Bank has opted for an aggressive cut after it has been under severe pressure to cut interest rates to avoid a prolonged recession. Figures [...]

More: UK interest rates slashed 1.5% to 3%

...and now the banks have confirmed that they will be passing on all of this interest rate cut!

This is great because people with a variable rate mortgage of say around £100K will see a saving in their payments of around £50-£80.

In this current climate, this is a massive saving for people who are suffering in this financial crisis.

I wish I had a floating rate mortgage now...