More mortgage providers pass on base rate cuts
13 November 2008
More mortgage providers are passing on the Bank of England’s 1.5% base rate cut.
As the BBC reports, Coventry Building Society and Clydesdale and Yorkshire Bank have joined the ranks of mortgage providers passing on the full 1.5% saving to customers on their standard variable rate (SVR) mortgages.
Other major mortgage providers, such as Nationwide, HBOS, RBS and Northern Rock, had already agreed to cut their SVR rates.
The news will come as a relief to the many homeowners on SVR mortgages – depending on the size (and terms) of their mortgage, a 1.5% cut could easily knock more than £100 off their monthly mortgage payments.
---
Think Money work with a panel of lenders to offer a range of mortgages. If you are considering taking out a mortgage, contact one of our expert mortgage advisers today.
Mortgage news
Lloyds doubles mortgage overpayment allowance 15 March 2010
Cost of mortgage debt falls to six-year low 12 March 2010
Homeowners urged to consider mortgage options 8 March 2010
Over 3 million don`t know interest rate on their mortgage 4 March 2010
Base rate at 0.5% for 12th month 4 March 2010