9
Jan
Banks confirm mortgage rate cuts
Halifax has confirmed that it is to pass on in full yesterday's
base rate cut to its tracker customers.
The bank is to apply the 0.5 per cent reduction from February
1st.
It is also reducing its standard variable rate (SVR), although not
by the full amount.
This will be trimmed by 0.25 per cent from 4.75 per cent to 4.5 per
cent.
Abbey has also confirmed that trackers will benefit from the full
cut, while its new customer tracker rate and SVR are under
review.
Earlier this week the Council of Mortgage Lenders stated that many
tracker customers could miss out on the full reduction due to some
deals having floor rates that limit how low repayments can
fall.
The move by the Bank of England yesterday takes the base rate to
1.5 per cent, the lowest in its 315-year history.
