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.
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