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Tuesday 16th of December 2008

News Tag: pass on

December 10, 2008

Northern Rock hedges on latest base rate cut

by Gill Montia
Northern Rock hedges on latest base rate cut
Northern Rock mortgage borrowers will not all receive the full benefit of last week's cut in the base rate. The nationalised lender's tracker rate customers will see the full 1% reduction but for those on its standard variable rate (SVR) the reduction will be 0.5% taking the rate down to 5.34%, from 1st January. Mortgage borrowers, who have remained loyal ...



November 7, 2008

Hope for homeowners as Libor falls 1%

by Gill Montia
Hope for homeowners as Libor falls 1%
Mortgage lenders have been ordered to pass on to customers yesterday's 1.5% cut in the Bank of England's base rate, to 3%. Chancellor of the Exchequer, Alistair Darling, called leading lenders to a meeting early today and Prime Minister Gordon Brown is backing up the Treasury's actions by stating that the Government is determined to get banks to resume lending. The UK's ...



November 6, 2008

CML warns lenders may not pass on base rate cut

by Gill Montia
CML warns lenders may not pass on base rate cut
After today's 1.5% cut in the Bank of England's base rate, the Council of Mortgage Lenders (CML) has warned that lenders may not respond with a reduction in mortgage interest rates. The CML points out that the UK's mortgage providers do not automatically benefit from any cut in the base rate because the cost of funding their businesses ...



October 31, 2008

50% of lenders leave SVRs untouched by base rate cuts

by Gill Montia
50% of lenders leave SVRs untouched by base rate cuts
Financial information provider, Moneyfacts.co.uk, has revealed that half of the UK's mortgage lenders have failed reduce their standard variable rates (SVR) in line with recent cuts in the base rate. According to the firm's research, 50% of lenders have not made any reduction in SVR, from the October base rate cut. Meanwhile, 82% of lenders have not passed on ...



October 30, 2008

Tracker rates stuck in the past

by Gill Montia
Tracker rates stuck in the past
Moneyfacts.co.uk has revealed that average tracker rates are at the same level as this time last year, despite a 1.25% cut in the base rate in the interim. According to Moneyfacts' research, the average rate on a tracker mortgage is 6.27% today, compared to 6.23% in October 2007. The price comparison website's analyst, Michelle Slade, concludes that the Bank of England's best ...



October 27, 2008

Mortgage lenders reluctant to lower SVRs

by Gill Montia
Mortgage lenders reluctant to lower SVRs
Financial information provider, Moneyfacts, has reported that the 0.5% cut in the Bank of England's base rate made earlier this month has not been passed on by three quarters of UK mortgage lenders. The emergency reduction, to 4.5%, was made on 8th October in a coordinated action with other central banks. However, only one quarter of UK mortgage providers have responded by lowering ...