Abbey passes on rate-cut to customers
www.moneynews.co.uk > Mortgages > Abbey passes on rate-cut to customers
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Abbey passes on rate-cut to customers
Wed 16th Apr 2008
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Following the monetary policy committee's decision to cut interest rates by 0.25 per cent last week, the bank announced that it would also reduce its standard variable and base-rate tracker mortgages by the same amount.
For new customers wanting a tracker or flexible deal, the bank has cut the rate by between 0.12 per cent and 0.25 per cent.
However, its savings rates have remained at the same level, including 7.25 per cent for its fixed-rate monthly saver product and 6.5 per cent for Esaver Direct customers.
A spokesperson for Abbey said: "Despite the current market turmoil and high cost of funding, Abbey is committed to ensuring customers receive the benefit of the base rate reduction."
In other news from the bank, Abbey mortgages released research yesterday
which found that 1.1 million first-time buyers have opted to delay buying a home for at least the next 12 months.
Related News : Mortgages |
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