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.

Our initial advice on your best financial solution is free. Fees payable when continuing service is provided. Calls may be recorded for training and quality purposes.