From The BBC:
Mortgage providers have been dropping the cost of their home loans following the emergency cut in UK interest rates.
Halifax said it will be reducing its standard variable rate (SVR) from 7% to 6.5% from 1 November.
Lloyds TSB, which also lends under the Cheltenham & Gloucester brand, said it would cut its SVR by half a percentage point to 6.5% on the same date.
Woolwich will also cut its SVR, but experts say that house prices will fall despite the respite for homeowners.
First Direct, part of HSBC, Royal Bank of Scotland and NatWest all later announced they were going to cut their SVR by half a percentage point.
“All this decisive action augurs well for an improving market situation looking ahead, even though no one is pretending the tough times are over yet,” said Michael Coogan, director general of the Council of Mortgage Lenders (CML).
About 7% of mortgage holders have a SVR mortgage.
In a co-ordinated move with five other central banks, the Bank of England cu…
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