'Only some lenders' have passed on rate cut

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'Only some lenders' have passed on rate cut

Less than a quarter of lenders have passed on the Bank of England's base rate cut to customers with variable-rate mortgages, a comparison website claims.

Moneysupermarket.com's Louise Cuming said that 78 per cent of lenders had not passed on the benefits of lower rates when the bank dropped the base rate to 5.5 per cent this month.

Some 37 per cent have announced that rates would be cut in the new year.

Ms Cuming, head of mortgages, suggested that this situation revealed that lenders were not treating customers fairly.

"In the current economic climate I would have liked to have seen providers showing a little more compassion towards borrowers who have spread themselves thin over the Christmas period," she added.

However Julie Harris, an analyst at Moneyfacts.co.uk, said that the news that lenders intended to cut rates was good news.

She noted that many lenders that had dropped their rates already did not offer new products linked to a standard variable rate.
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