News Tag: floor
January 2, 2009
Nationwide Building Society has announced that it will no longer pass on cuts in the Bank of England's base rate to the majority of its tracker mortgage customers.
Despite Government pressure to keep the cost of borrowing in line with reductions in the base rate, the lender is invoking a clause that allows it not to follow the base rate once ...
Nationwide opts out of base rate cuts
by Gill Montia
December 3, 2008
The Financial Services Authority (FSA) has warned banks and building societies not to use the small print in mortgage agreements to avoid passing on cuts in the Bank of England's base rate.
The Bank is widely expected to cut the base rate again this week, by up to 1%.
However, some lenders have included "collars" or "floors" in the terms and ...
FSA warns on “floors” in tracker rate loans
by Gill Montia
