Abbey and Lloyds TSB rates only ones to be cut after base rate reduction
www.moneynews.co.uk > Mortgages > Abbey and Lloyds TSB rates only ones to be cut after base rate reduction
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Abbey and Lloyds TSB rates only ones to be cut after base rate reduction
Fri 7th Nov 2008
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The Times reported that only Lloyds TSB and Abbey pledged to let borrowers on variable rate deals enjoy the 1.5 per cent reduction to three per cent, despite Treasury calls for lenders to do so.
Mortgage brokers and financial organisations have given responses to yesterday's base rate cut.
Finance website moneysupermarket.com said it was "great news for some homeowners", but added that it was a "devastating blow for savers", explaining that the rates on their accounts would be reduced.
But it added that as banks compete for retail money, some might not pass on the rate cut in full to try to retain deposits in savings, noting that one or two seven per cent accounts still remain if savers are prepared to leave their money untouched for a fixed term.
And consumer group Which? said that if banks do not pass the base rate reduction on to mortgage customers, it would be "another slap in the face", while predicting that banks would be quick to make the effects known on savings.
Click here for more mortgage news.
Related News : Mortgages |
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Related News : Banking |
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Related News : Santander |
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Related News : LloydsTSB |
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