Moneyfacts.co.uk: Mortgage lenders not passing on interest rate cut
www.moneynews.co.uk > Mortgages > Moneyfacts.co.uk: Mortgage lenders not passing on interest rate cut
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Money News |
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Moneyfacts.co.uk: Mortgage lenders not passing on interest rate cut
Tue 6th Jan 2009
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According to the price comparison website only 19 mortgage lenders had passed on the full benefits of the base rate cut to their customers.
The site also found that five mortgage lenders still charge a standard variable (SVR) rate of six per cent or more on their SVR mortgages.
Michelle Slade, analyst at Moneyfacts.co.uk, said: "Some building societies are opting not to cut their SVR so they can offer higher rates to their savers.
"However, the three lenders with the highest SVRs have all cut savings rates by more than the base rate cut."
Last month Moneyfacts.co.uk found that many mortgage-lenders had withdrawn their tracker mortgage products from the markets altogether in the weeks following the Bank of England's base rate cuts.
Click here for more mortgage news
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