Abbey makes 'selective' rate reductions

Money News

www.moneynews.co.uk > Mortgages > Abbey makes 'selective' rate reductions

Topics

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Features

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Companies

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Money News

bullet
bullet
bullet
bullet
bullet

Abbey makes 'selective' rate reductions

Abbey announced that it will not pass on the cut in the Bank of England's base rate to all its mortgage customers.

The bank said that those on tracker mortgages will benefit instantly from the 0.5 per cent reduction in the base rate, effective from the first of February.

However Abbey added that those on mortgages tied to the standard variable rate (SVR) will not necessarily see their interest rates cut and will have to wait longer for possible reductions to take place.

In a statement, Abbey said: "SVR is under review and we will be making an announcement in due course. Abbey's current SVR is 4.94 per cent."

The Bank of England reduced the base rate of interest to 1.5 per cent yesterday, the lowest it has ever been in its 300-year history.

HSBC and Lloyds TSB announced yesterday that all their mortgage customers will benefit from the reduction.

Click here for more mortgage newsADNFCR-323-ID-18965359-ADNFCR

Related News : Mortgages

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : Santander

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : HSBC

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet

Related News : LloydsTSB

bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet
bullet